Though U.S. pay-TV subscriber growth has slowed, revenue remains stable,...
Though U.S. pay-TV subscriber growth has slowed, revenue remains stable, Nomura analyst Mike McCormack wrote investors. “We expect the pool of revenue available to drive programming expenses to remain healthy.” Even while cable operators have lost video market share, they…
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are adding market share in the higher-margin broadband category, he said. That means they'll have plenty of money to pay for programming, despite the steady growth expected in affiliate fees, McCormack said. “Disney is best positioned to capture additional affiliate fee dollars, followed closely by News Corp., Viacom and Scripps Networks.” Nomura’s recommendation that investors buy those shares is “in part, predicated on their ability to take a disproportionate share of content payments over the next two years,” he said.