Media Talk Archives
Here is an archive of all the posts on the Media Talk blog. Please feel free to link to anything of interest but only clients and friends have access to the entire post. If you are interested in learning more about Northlake Capital Management or gaining access to the Media Talk blog, please contact Steve Birenberg at steve@northlakecapital.com.
August 19, 2008 - Summer Box Office Update: Better Than Expected But...
It's been awhile since I provided an update on the domestic summer box office. Relative to my initial expectations it continues to shape up well....August 15, 2008 - Normalcy Accompanies Growth and American Apparel Bounces Back
One of Northlake's biggest portfolio headaches is a lot better today. Pain relief came in the form of very solid quarter from American Apparel (APP)....August 13, 2008 - The Credit Market Problem
Today's New York Times had a good article explaining why the lending availability is drying up in the US. This is a very important point...August 06, 2008 - New Purchase: Time Warner
Following completion of Time Warner's 2Q08 conference call I purchased the stock widely across the Northlake client base and in my personal accounts. The purchase...August 06, 2008 - The Dream Is Over
I sold all client and personal positions in Dreamworks Animation (DWA) on Tuesday after it had rebounded from overzealous selling following its own 2Q08 report....August 02, 2008 - Why Is CETV Struggling When I Think It Will Double
Central European Media Enterprises (CETV) remains my favorite media stock for all time horizons. Despite my enthusiasm the shares have performed poorly this year. Although,...August 02, 2008 - August 2008 Model Signals
Once again there were no changes to Northlake's monthly Market Cap and Style models. The Market Cap signal remains mid cap and the Style signal...July 31, 2008 - Good Results, Bad Trading at CETV
I am working a longer comment on CETV, probably to be posted on Monday, but given the crazy trading following yesterday's earnings report and conference...July 30, 2008 - Dreamworks Thesis Falls Apart
My thesis on Dreamworks Animation fell apart when the company reported 2Q results after the close on Tuesday. While I understand the 10% decline in...July 30, 2008 - Headwinds Increase For Rogers
I began to sell Northlake's position in Rogers Communications last week ahead of its earnings report. I thought the report would be OK but given...July 23, 2008 - NII Comes Through and the Sentiment Turns
What a difference a day makes! After Tuesday brought nothing but bad news for wireless investors, NII Holdings (NIHD) reminded us that there can still...July 22, 2008 - Apple Guidance Is The Problem
Listed below is my live commentary which was posted on RealMoney.com from last night on Apple from before and during the conference call. Without reviewing...July 21, 2008 - Batman Saves Gotham and Hollywood
It's been kind of hard to miss the news on the record breaking opening of The Dark Knight but I'll try to put my usual...July 21, 2008 - Apple Reports Tonight
I expect less positive surprise than usual for Apple when they report June quarter earnings tonight. But barring a major blowout or an unexpected miss,...July 18, 2008 - Time Warner Finally Discarding AOL?
Time Warner shares have enjoyed an above average 9% rebound over the past two days since reports surfaced that the company appears to be more...July 16, 2008 - Rupert Selling. Is CETV Buying?
Central European Media Enterprises shares continue to sink as investors fret about economic conditions in its markets, Romania and Ukraine in particular. Volume has picked...July 15, 2008 - Box Office From The Studio Perspective
Last weekend, the #1 film came from NBC Universal (I wrote up NBCU and its impact on parent General Electric on Monday). Hellboy 2: The...July 10, 2008 - More Ad Forecasts Downgraded
Media stocks kept tumbling this week dropping to new recent lows yesterday in many cases after underperforming Tuesday's rally. Lehman's across the board downgrade of...July 09, 2008 - Catching Up With Comcast
Comcast COO Stephen Burke spoke recently at an industry conference and had some interesting insights. I would have missed it if not for my subscription...July 08, 2008 - Changing Demographics and Wall Street
AdAge.com posted an article analyzing census data from the perspective of marketers. The data was interesting although I guess not all that surprising once it...July 07, 2008 - Media On A Holiday Weekend
The media biz never rests. Even on a holiday weekend. NBC Universal is buying The Weather Channel for $3.5 billion from privately held Landmark Communications....July 02, 2008 - July 2008 Model Signals
There were no changes again this month to Northlake's Market Cap and Style models. The signals continue to flash mid cap and growth. As a...July 01, 2008 - Ad Forecast Good News for CETV
Yesterday, I noted that Zenith Optimedia raised its global ad forecast for 2008 due to strength in developing markets. Central and Eastern Europe was one...July 01, 2008 - CETV Closes Ukraine
Yesterday, I noted that Zenith Optimedia raised its global ad forecast for 2008 due to strength in developing markets. Central and Eastern Europe was one...June 30, 2008 - US Ads Down, Emerging Markets Up
I want to make sure everyone saw that Zenith Optimedia reduced its forecast for 2008 US advertising growth. Zenith presents its year ahead forecast each...June 30, 2008 - Wall-E Drives Cleans Up The Box Office
A whirlwind weekend had me all over the place so just a brief comment on another great weekend for the box office this morning. But...June 26, 2008 - Dreamworks Estimates Begin To Rise
Dreamworks Animation (DWA) shares popped yesterday afternoon. I presume it was due to a report from Jessica Reif of Merrill Lynch which I received after...June 24, 2008 - Finally Some Good News at American Apparel
APP reached agreement on a new amended credit agreement with its lead bank. Back in early June the stock took a dive on the day...June 24, 2008 - Box Office Remains Healthier Than Expected But...
The box office rose for the fourth consecutive weekend with the top 12 films up 9.7% according to BoxOfficeMojo.com. Every weekend in June has been...June 19, 2008 - Media Stocks Still Struggling
Media stocks continue to act poorly. When I sold Northlake's positions in Disney and News Corporation on the last trading day in May I was...June 16, 2008 - Box Office Strength Continues
The weekend box office was strong again, up 25% vs. a year ago. Another good weekend brings the summer, which begins the first weekend in...June 12, 2008 - No Worries As Dreamworks Catches A Downgrade
An analyst I know well, Michael Morris of UBS, downgraded Dreamworks Animation (DWA) this morning driving the shares down more than 7%. I added a...June 10, 2008 - Buying Dreamworks Animation
I purchased Dreamworks Animation (DWA) across client and personal accounts near the open of trading on Monday. The purchase is intended as a "trading buy"...June 09, 2008 - Sluggish Blu-Ray Sales Another Headwind
So far my sales of Disney has held up pretty well, down just a bit, while News Corp has fallen about 5%. Disney might be...June 06, 2008 - Kung Fu Panda and the Upfront
A few brief items in the media world for this morning: Kung Fu Panda opens today. The film has received good reviews and there has...June 03, 2008 - June 2008 Model Signals
There were no changes to Northlake's Market Cap or Style Model for June. The Market Cap model continues to flash a Mid Cap signal while...June 01, 2008 - Selling Disney and News Corporation
On Friday, I sold all Northlake client positions in Disney and News Corporation. This is a big deal fro me as media stocks are my...June 01, 2008 - Box Office Has A Sexy Rebound
A better than expected opening for Sex and the City, a decent second weekend for Indiana Jones, and still great legs from Iron Man powered...May 16, 2008 - Encouraging Action in American Apparel
I am quite encouraged by the action in American Apparel (APP). After getting whacked again on Wednesday off a confusing earnings report and conference call,...May 16, 2008 - Thoughts On The Market's Rally
This rally has been really impressive. The S&P 500 is off less than 3% this year as of Thursday's close, hardly a blip considering all...May 16, 2008 - TV Upfront Season Poses Long-Term Risks
The broadcast TV networks made their upfront presentations this week. As I've written before, this year's upfront is going to be problematical for the broadcast...May 14, 2008 - American Apparel: Controversy Continues Amid Stellar Growth
Controversial and rapidly growing retailer American Apparel reported 1Q08 results last night after the close. While there are many extremely positive numbers in the results,...May 12, 2008 - DirecTV Still Rolling And I Missed It
DirecTV reported another strong quarter. Overcoming potential headwinds from the economy, the housing recession, and the loss of AT&T marketing in former BellSouth territories, DTV...May 12, 2008 - Cablevison: Cable Good But Strategy A Mess
Cablevision reported better than expected results driven by its core Cable operations and Madison Square Garden. Revenues grew 11% to $1.84 billion ahead of consensus...May 08, 2008 - News Corp Operating Income Up 16%
News Corporation reported a confusing set of earnings figure. On the call, management said that adjusted EPS were 30 cents vs. the reported figure o...May 07, 2008 - Another Great Quarter For Disney
Disney easily beat estimates with EPS of 58 cents coming in well ahead of the 51 cents consensus estimate. Here are the comments I posted...May 06, 2008 - Time Warner: So Bad It Might Be Getting Good
Time Warner (TWX) reported another mediocre quarter even after adjusting for some items that cause the reported numbers to understate the results. Revenue grew just...May 06, 2008 - Comcast Has Stabilized
Comcast reported good 1Q08 results. EPS matched estimates while revenue, EBITDA, and free cash flow exceeded estimates. Most subscriber metrics also beat estimates. Margins fell...May 06, 2008 - Dreamworks: Good Results Ahead of Kung Fu Panda
Dreamworks Animation reported better than expected 1Q08 earnings with EPS of 28 cents and revenues of $156.6 million ahead of consensus of 24 cents and...May 01, 2008 - May 2008 Model Signals
Fresh signals from Northlake's Market Cap and Style models are in. The Market Cap signal swung back to Mid Cap for May, while the Style...April 30, 2008 - Great Quarter and Guidance for CETV
Central European Media Enterprises (CETV) reported outstanding 1Q08 results and simultaneously issued 2008 guidance well above most analyst estimates. The shares responded very favorably, rising...April 30, 2008 - Great News From CETV: Pre-Call Thoughts
My long-time and still favorite media stock, Central European Media Enterprises (CETV), reported much better than expected 1Q08 results this morning. Even better 2008 guidance...April 29, 2008 - Excellent Quarter For Rogers
On Tuesday, Rogers Communications reported excellent 1Q08 results further allaying concerns that caused the shares to pullback from the low $50s before bottoming in the...April 29, 2008 - CBS: Another Unimpressive Quarter
CBS shares popped nicely upward following its 1Q08 earnings report. Results exceeded analyst estimates and were accompanied by an 8% dividend boost. Despite the better...April 28, 2008 - Regal Catches A Downgrade Off Average Quarter
As I mentioned yesterday, former Northlake long Regal Entertainment shares caught a downgrade after reporting an inline quarter late last week. The stock moved up...April 28, 2008 - Scripps Gets Media Earnings Off On The Right Foot
Earnings season for media companies began in earnest last week and really picks up this week. Among major companies, CBS, Time Warner, Viacom, and Comcast...April 24, 2008 - NII Holdings: Another Solid Quarter Supports More Stock Recovery
NII Holdings (NIHD) 1Q08 results were at the high end of expectations pretty much across the board. Given many worries that had cut the stock...April 24, 2008 - Apple Earnings Set The Stage For More Share Price Upside
Apple reported excellent 2Q08 results with revenues and EPS exceeding estimates. Guidance is good by Apple standards with revenues above street estimates and EPS just...April 24, 2008 - Apple: After Earnings, Before The Call
Here is the series of posts I made on RealMoney.com yesterday after crunching Apple's numbers but before the conference call Q&A started: 4:49 PM EST:...April 23, 2008 - Keeping An Eye On Gannett
It is has been a long fall from grace for Gannett. Still regarded as one of the best managed media companies and clearly regarded as...April 22, 2008 - Apple Earnings Preview
Apple reports 2Q08 earnings after the close on Wednesday, April 23rd. I'll be covering the conference call for RealMoney.com. Here is the preview I wrote...April 22, 2008 - AT&T: Steady As She Goes
AT&T reported very solid 1Q08 results. Almost every key metric matched analyst estimates with the exception of wireline line loss which continues to accelerate. Guidance...April 22, 2008 - Disney Adds A Shingle
Disney announced a new production studio, Disneynature. The studio will produce major motion picture documentaries "about the world in which we live." The first film,...April 22, 2008 - Implications of A New HBO-Like Pay TV Network
Viacom, Lionsgate, and MGM announced that they will no longer sell their movies to Showtime (owned by CBS) and instead will launch a new, fourth...April 21, 2008 - Box Office Turns Up. Finally.
After falling year-over-year, often substantially for eight of the past nine weeks, the weekend box office offered a respite. Led by better than expected openings...April 18, 2008 - Thinking About Mobile TV
At the recent National Association of Broadcasters conference, one of the more popular topics was mobile TV. Mobile TV is the ability for consumers to...April 17, 2008 - CE "TV" Does Radio
Central European Media Enterprises (CETV), recommended by Jim Cramer last Friday on Mad Money announced that it is acquiring two radio stations in Romania. Until...April 17, 2008 - Terrible Quarter For NY Times
New York Times reported terrible 1Q08 results. Adjusted EPS of 4 cents missed the consensus of 14 cents. Revenues of $748 million were a little...April 16, 2008 - Catching Up With Cable Stocks
Cable stocks have acted pretty well this year. Comcast is up a bit and Time Warner Cable is down slightly. Both have easily outperformed the...April 15, 2008 - News Corp Catches A Downgrade
News Corporation shares traded down 4.6% on Monday in response to a downgrade from Bernstein Research analyst Michael Nathanson. Nathanson lowered his rating from outperform...April 14, 2008 - Wall Street Journal Trashes American Apparel
The Wall Street Journal wrote a damning and extremely damaging article about one of Northlake's long positions. The story on American Apparel (APP) appeared on...April 10, 2008 - Checking In On Disney
I remain long Disney across Northlake client accounts including my own accounts. Down just 3%, the shares have acted fairly well this year compared to...April 08, 2008 - AOL Still Dragging Down Time Warner
Time Warner (TWX) shares are down 10.8% so far this year, lagging most other large cap media stocks. News Corp (NWS) is down 6.1%, Disney...April 07, 2008 - MySpace Miss Pressures News Corp
Controversy about monetization of revenue and profits at MySpace has held back shares of News Corp so far this year despite outstanding December quarter earnings,...April 06, 2008 - Thinking About Apple
Apple has staged a strong recovery, rising 33% from its 2008 intraday low in late February. The beta effect during the recent rally certainly has...April 04, 2008 - The Big Picture on Movie Studios
With all the writing I do on the movie business, sometimes I fear that I miss the big picture. Weekly box office or holiday DVD...April 03, 2008 - What Do Inflating Travel Costs Mean?
Merrill Lynch has put out the latest edition of its quarterly report on pricing trends in travel industries. I summarized this report last quarter because...April 02, 2008 - April 2008 Model Signals
Northlake's Market Cap model shifted from Mid Cap to Large Cap for April. As a result, I sold all client positions in the S&P 400...March 31, 2008 - Newspapers Final 2007 Data As Ugly As Expected
Last Friday, the Newspaper Association of America released its 4Q07 and full year 2007 advertising expenditure data. Not surprisingly, the NAA titled its press release,...March 20, 2008 - Previewing The TV Upfront
The upfront TV advertising market will kick off in May as usual despite dire protestations during the writer's strike that it would be a casualty...March 19, 2008 - Big Media Fundamentals Holding Up For Now
Catching up some email, I found a couple of interesting pieces on the major media companies from Merrill Lynch analyst and my friend, Jessica Reif...March 18, 2008 - Good News From American Apparel But Stock Remains Under Pressure
I was quite pleased with the 4Q07 results, 2008 guidance, and conference call from American Apparel (APP), which reported after the close last night. The...March 12, 2008 - CETV Presents At Bear Stearns Conference
Central European Media Enterprises (CETV) shares have steadied since the sharp fall last week following announcement and pricing of their convertible deal. The timing on...March 12, 2008 - Watching Movie Windows
For 2008, I have treated myself to a subscription to SNL Kagan. Kagan is a long-time research firm focusing on media with a great reputation....March 11, 2008 - Weekend Box Office and Weather Channel Updates
The weekend box office fell by 33% against what is probably the toughest comparison it will face until May. The box office has now declined...March 10, 2008 - Virgin Media Back In Private Equity Game?
The UK newspaper The Observer is reporting that it has seen a new memo outlining possible private equity approaches to Virgin Media. VMED has been...March 10, 2008 - Studios and Theatres Finalize Plans for Digital Upgrade
Reuters is reporting that theatre chains representing 40% of North American screens and the major movie studios have finally agreed to a financing plan to...March 08, 2008 - Final Wrap-Up of 2007 Box Office
The Motion Picture Association of America (MPAA) released its package of theatrical market statistics for 2007 last week. Most of the data I have already...March 07, 2008 - Newspapers and Radio Ad Markets Remain Troubled
Within traditional media, the newspaper and radio industries have been in their own recession for some time. TV is better off for now. Both newspapers...March 06, 2008 - TV Ad Market Holding Up(front)
The Wall Street Journal reported that TV networks, advertisers, and ad buyers are all saying the upfront ad market will be strong this year. The...March 04, 2008 - CETV Issuing Convertible Bonds
CETV announced a $425 million convertible offering after the close yesterday with a $50 million green shoe. Proceeds will be used to acquire another 30%...March 03, 2008 - March 2008 Model Signals
There were no changes for March to Northlake's Market Cap and Style models that I use for ETF allocation. The signals remain mid cap and...March 03, 2008 - Viacom: Turn On Track But Lacked Upside in 4Q07
Viacom reported solid results that were at the high end of expectations but I would not call it an upside surprise. Guidance for 2008 was...February 29, 2008 - Good Quarter, Good Outlook For Central European Media Enterprises
Central European Media Enterprises (CETV) reported excellent 4Q07 results easily beating estimates on revenues, EBITDA, and EPS. Revenues and EBITDA grew 40% and 33%, respectively,...February 29, 2008 - Cablevision Dealling Well With Competition For Now
Cablevision reported better than expected results driven by its core Cable operations and Madison Square Garden. Revenues grew 11% to $1.84 billion ahead of consensus...February 28, 2008 - NII Holdings: Finally In The Clear?
NII Holdings (NIHD) reported better than expected 4Q07 financial results yesterday but the shares sold off sharply anyhow. I can see three potential issues. First,...February 27, 2008 - Selling Regal Entertainment
I posted the following on Real Money before the open on February 27th explaining my decision to sell client holdings of Regal Entertainment. By way...February 25, 2008 - Reviewing Rogers Communications
I feel I have done a good job and a bad job with Northlake's investment in Rogers Communications (RCI). On the one hand, I initially...February 14, 2008 - Stability At Comcast
Comcast provided the stability and achievable guidance that is required to get a relief rally and improve sentiment toward the shares. The financial and subscriber...February 13, 2008 - News Corp Looking At Yahoo?
News Corporation has sat out this week's rally, falling about 2%. I think the problem is fear over a bid for Yahoo. These fears persist...February 11, 2008 - In Line Quarter and Positive Guidance Clears The Way for Regal
Prior to its 4Q07 earnings report last Thursday, shares of Regal Entertainment had already recovered from the sharp sell-off driven by poor box office trends...February 07, 2008 - Dreamworks: Good Quarter But No Catalyst For Awhile
Dreamworks Animation reported better than expected 4Q07 results. EPS of 98 cents beat the 75 cent consensus even after backing out a tax benefit. Revenues...February 06, 2008 - Disney Proving Skeptics Wrong
Disney reported an exceptional quarter. EPS of 63 cents and revenues of $10.45 billion crushed estimates of 52 cents and $10.04 billion. Revenue growth was...February 06, 2008 - CETV Gets The Rest of Ukraine
Central European Media Enterprises (CETV), announced very good news yesterday. CETV will purchase the minority interests in its lead station in Ukraine, Studio 1+1. CETV...February 06, 2008 - News But Nothing Exciting at Time Warner
I find little to get excited about regarding Time Warner's quarterly results, guidance, or commentary. The results were quite close to expectations pretty much across...February 05, 2008 - Good News Corp
News Corporation reported excellent third quarter beating consensus estimates on EPS, revenue, and operating income. Strength was virtually across the board with every segment beating...February 04, 2008 - Disney Earnings Preview: Slower Growth But Looking For A Positive Surprise
Disney is expected to report its weakest growth quarter in several years but I do think investors should interpret it as the end of Disney's...February 04, 2008 - News Corp Earnings Preview: Expect Good News
I anticipate a strong quarter from News Corporation after the close on Monday and a positive reaction from the market. The stock jumped 3% on...February 03, 2008 - February 2008 Model Signals
There were no changes to Northlake's Market Cap and Style models for February. The Market Cap model continues to flash a mid cap signal while...February 01, 2008 - News Corporation December Quarter Preview
I anticipate a strong quarter from News Corporation after the close on Monday and a positive reaction from the market. The stock jumped 3% on...January 29, 2008 - Verizon OK But Growth Slowing Slightly
Verizon (VZ) reported a pretty solid quarter and made constructive -- if not detailed -- comments about 2008. The market is focusing on some slight...January 29, 2008 - Missing iPhones Found at Sundance
I've been reading up on the phenomenon of the missing iPhones and the only thing I can conclude is they might all have been at...January 28, 2008 - Sundance Wrap Before Reality Returns
If you love movies and have never been to Sundance I highly recommend it. This was my first visit and I found an incredibly well...January 25, 2008 - Slow Sales At Sundance
I got to Sundance yesterday and caught my first movie. I am visiting a good friend in Salt Lake City so I won't be spending...January 24, 2008 - More Thoughts on Apple
In my Apple (AAPL) earnings summary on Tuesday, I said there were enough issues to prevent the stock from staging a quick rebound. Those issues...January 24, 2008 - Mortgage Refinancings a Bullish Development
I spent yesterday afternoon and evening traveling from Chicago to Salt Lake City on my way to the Sundance Film Festival in Park City. In...January 23, 2008 - Apple: Not Good Enough For This Stock
I am not going to recap all the numbers from Apple as you can read that elsewhere. The December quarter was very good but not...January 22, 2008 - Best Case For Apple
I’ll be covering Apple’s earnings call after the close. Here is my preview. I decided to look at aggressive assumptions to see where a best...January 22, 2008 - Apple 1Q08 Preview
Another Apple earnings report comes after the close today, so time for lots more overanalysis and outsized volatility in the usually volatile shares. Estimates have...January 22, 2008 - Special Market Comment
Overseas markets continued to fall sharply last night in Asia and today in Europe. Two day losses in many markets while the US was closed...January 08, 2008 - Disappointing Guidance From Rogers
Before the open on Monday, Rogers Communications (RCI) announced 4Q07 subscriber growth below expectations, doubled its dividend, initiated its first ever share repurchase, and reported...January 08, 2008 - NII Holdings Gets Back On Track
Yesterday, NII Holdings (NIHD) announced better than expected 4Q07 subscriber growth, completion of a large buyback, initiation of another buyback, and an impressive new CEO....January 02, 2008 - January 2008 Model Signals
Northlake's Market Cap model (courtesy of Ned Davis Research) shifted from a large cap signal to a mid cap signal for January. There was no...December 28, 2007 - Why I Bought News Corporation
Back in July, I wrote a review of News Corporation for RealMoney.com outlining the bull case. The analysis remains relevant today so in light of...December 28, 2007 - DVD Sales Moderately Weak But No Disaster
I still got my eye on holiday DVD sales. Data is now available at the-numbers.com through December 16th. This includes the launch of the latest...December 27, 2007 - Selling Comcast. Buying News Corporation.
Partially driven by tax considerations, I sold Northlake's entire position in Comcast yesterday. I used the proceeds to purchase a full position in News Corporation....December 26, 2007 - TV Ad Market Strong. For Now.
On Monday, the New York Post reported that scatter market TV advertising on the big four broadcast networks is running up 18%. Scatter market represents...December 24, 2007 - Box Office Recovery Continues
The box office continued its late year recovery with the three day weekend for the top 12 films rising 40% from a year ago. This...December 19, 2007 - Impact of Presidential Election
There is a lot more on investor's minds these days than the 2008 Presidential election. However, the Iowa caucuses are just 16 days away and...December 18, 2007 - DVD Sales Mixed So Far
Just before Thanksgiving I highlighted my concerns that holiday spending on DVDs could be weaker than expected. At the time, I identified two potential problems....December 17, 2007 - A Legendary Weekend At The Box Office
Proving once again that people will buy tickets when there is appealing in the theatres, the weekend box office rose 38% for the top twelve...December 13, 2007 - The Writer's Strike Is About To Bite
I am surprised that the talks broke off between writers and producers. When the strike was launched there was a lot of discussion on both...December 10, 2007 - UBS Media Conference Recap
I'm back in Chicago and have had some time to digest the UBS Media and Communications Conference. Below are brief comments from every presentation I...December 07, 2007 - Morgan Stanley Upgrades Comcast
Morgan Stanley, which was early, aggressive, and correct with a bearish outlook for cable stocks upgraded its industry outlook yesterday to attractive. Comcast was raised...December 06, 2007 - December 2007 Model Signals
There were no changes to Northlake's Market Cap and Style models for December. The signals remain on large cap and growth. As a result, client...December 06, 2007 - I Was Wrong On Comcast
I enjoyed going on TV with my buddy Cody Willard. Unfortunately, since I debated Comcast with Cody and took the bull side, I'll probably never...November 29, 2007 - Rogers Hit Hard
The spectrum auction and build out rules in Canada are more favorable than expected for new entrants. As a result, Rogers Communications are trading down...November 25, 2007 - Weekend Box Office Turns Up
A strong opening for Disney's Enchanted, a surprisingly good opening for This Christmas, and decent showing for another 6 to 8 films led the box...November 23, 2007 - Verizon Raises Prices
Dow Jones ran a news story on Tuesday noting that Verizon was raising the price of its FiOS TV service purchased outside the bundle by...November 21, 2007 - Holiday DVD Sales Could Disappoint Investors
A significant risk for fourth-quarter earnings for the major entertainment conglomerates is an extremely crowded DVD release schedule. The risk is heightened by generally weak...November 20, 2007 - AT&T-Echostar Has Implications For Comcast
With an AT&T acquisition of Echostar apparently imminent, I want to reiterate that while in the short-term investors will see the deal as negative for...November 15, 2007 - Buying More Endeavor/American Apparel
With all the chatter about Lululemon Athletica (LULU) following the New York Times expose' on the seaweed or lack thereof in certain items the company...November 12, 2007 - Good Signs From Lionsgate
Lionsgate reported another confusing quarter. Revenues blew away expectations but so did expenses. EBITDA was a big negative number but the company reported over $21...November 12, 2007 - Box Office Struggles Again
The winning streak at the weekend box office didn’t last long. After last weekend saw a string of six straight down weekends snapped, this weekend...November 09, 2007 - Routinely Good Quarter for Disney
Disney reported 4Q07 EPS of 42 cents adjusted for a tax benefit compared to consensus of 41 cents. Revenues of $8.93 billion matched the $8.98...November 09, 2007 - American Apparel/Endeavor Delivers Good News All Around
In the midst of the carnage yesterday, Northlake had one winner: Endeavor Acquisition Corporation (EDA). EDA is in the final stages of completing its acquisition...November 08, 2007 - Box Office Finally Revives
Last weekend, the domestic box office broke a long slump with receipts rising for the first time in six weeks. American Gangster provided the oomph...November 08, 2007 - Disney 4Q07 Earnings Preview
Disney is expected to report strong 4Q07 financial performance capping another great year. For 4Q, consensus calls for EPS of 42 cents, up 17%, on...November 08, 2007 - AOL and Cable Dragging Down Time Warner
Time Warner reported a solid quarter, ahead of analyst estimates. However, 2007 guidance was maintained suggesting that the 4Q will be weaker than expected. At...November 08, 2007 - News Corporation On A Roll
Looks like a real good quarter for News Corporation. Results for 1Q08 are ahead of expectations. This should be very comforting for shareholders as the...November 05, 2007 - November 2007 Model Signals
There were no changes to the signals from Northlake's Market Cap and Style models for November. Large cap and growth remain favored over small/mid cap...November 02, 2007 - Rogers Communications Reports Another Good Quarter
Rogers Communications reported another excellent quarter with revenues, EBITDA, EPS, and free cash flow rising 13%, 26%, 61%, and 91%, respectively. These figures were at...November 02, 2007 - Good News At CETV Keeps On Flowing
Given the proximity of Central European Media Enterprises (CETV) annual analyst meeting on October 19th to the third quarter earnings report, I figured there would...October 29, 2007 - Box Office Strength Flows Through Regal's Results
Not much to say about Regal Entertainment's third quarter earnings report. Given the well-chronicled strength in the box office, Regal produced very good results as...October 29, 2007 - Another Blowout Quarter For Apple
Apple reported another great with upside to Mac unit volumes and operating margins producing much better than expected EPS of $1.01. Numbers had been rising...October 26, 2007 - Central European Media Enterprises Meeting Recap
The CETV analyst meeting that brought me to Bucharest, Romania, wrapped up just before the open of NY trading last Thursday. All is well. The...October 26, 2007 - NII Holdings Gets Abused
NII Holdings, (NIHD) had a rough day yesterday. Following its 3Q earnings report and conference call before the open, the shares fell 20%. The loss...October 25, 2007 - More Bad News On Comcast
Comcast reported disappointing 3Q07 results. More importantly, the tone of management comments about a number of issues was quite cautious and does not support their...October 15, 2007 - Central European Media Enterprises Gains Option To Increase Ownership In Ukraine
The column I posted last week providing an overview of Central European Media Enterprises already requires updating. In it I mention that CETV was likely...October 11, 2007 - An Overview of Central European Media Enterpises
Since I'll be spending most of next week in Bucharest, Romania at the annual analyst meeting for Central European Media Enterprises (CETV), I thought an...October 09, 2007 - Pirates, Cars, and Rats
While preparing my fourth quarter box office preview column last week, I came across some interesting and positive data concerning Disney. One of the worries...October 05, 2007 - Trimming The Tree of Apple Profits
With the market ramping and Apple and other tech stocks leading the way, I sold a portion of Apple in many client accounts on Friday...October 05, 2007 - NII Holdings Falls Sharply on Brazil News
Yesterday NII Holdings (NIHD), one of Northlake's long positions, fell by more than 5% on huge volume. At one point in the morning the shares...October 03, 2007 - Fourth Quarter Box Office Preview
Earlier today, I provided a brief wrap-up of the excellent third quarter performance of the box office which rose at least 15%. Looking ahead to...October 03, 2007 - Third Quarter Box Office Is A Blockbuster
The final totals are in on the third quarter box office and as I have chronicled the results are spectacular. According to data I pull...October 01, 2007 - October 2007 Model Signals
There are no changes to the signals from Northlake's Market Cap and Style models for October. The market cap model continues to flash a strong...October 01, 2007 - Ukraine Elections Positive For Central European Media Enterprises
Ukraine held elections for the third time in four years over the weekend. The pro-Western block of parties that originally formed the Orange Revolution were...September 26, 2007 - Key Questions Heading Into Earnings Season
With quarterly earnings reports set to pour in starting next week, I thought I'd provide a brief overview of what to look for in each...September 24, 2007 - Box Office Update
The weekend box office fell 2% for the top 12 grossing films. This breaks a string of 10 consecutive up weekends. The drop-off vs. last...September 21, 2007 - More Debate on Comcast
Following my post yesterday on Comcast, my buddy, hedge fund manager and soon to be anchor on the Fox Business Channel, Cody Willard, replied with...September 20, 2007 - Mea Culpa on Comcast
Mea culpa. Comcast made a new low for this latest down move yesterday, falling more than 3% on what looks like its highest volume day...September 18, 2007 - Forget The Time Warner Breakup Stories
I want to echo the comments about Time Warner made yesterday by Chris Atayan, my RealMoney.com colleague. Despite renewed speculation, a breakup of the company...September 17, 2007 - NY Times Shares at 20 Year Low!
New York Times shares traded below $20 yesterday for the first time since April 1997. As recently as June, NYT was over $26. The stock...September 17, 2007 - Review of Recent Market Action
Periodically when the market is in an unusually volatile period I like to look at a performance of a wide variety of indices in order...September 14, 2007 - Will Consumer Slowdown Cut Into Comcast's Growth?
Cable stocks have been poor performers all year. Things started badly when Comcast raised it s capital spending forecast in conjunction with its 4Q06 earnings...September 14, 2007 - About That iPhone Price Cut
The following quotes come from a new report on the iPhone from Bernstein Research: "Apple could conceivably sell iPhone hardware at a substantial loss while...September 07, 2007 - Central European Media Enterprises Gains Control of Ukraine License
Central European Media Enterprises announced earlier this week that it had gained control of its broadcasting license in Ukraine. This is very good news as...September 06, 2007 - New iPods Overshadowed By iPhone Price Cut
As the Apple iPod event was going on yesterday, I posted this comment on RealMoney.com: "New colors for the Shuffle, a redesigned Nano focused on...September 04, 2007 - September 2007 Model Signals
For the third consecutive month there were no changes to Northlake's Market Cap and Style models. The signals remain large cap and growth. Client portfolios...September 03, 2007 - Central European Media Enterprises Attracts Important New Shareholder and Director
Central European Media Enterprises (CETV) announced yesterday that it had sold 1.275 million shares at $86 for $110 million to Igor Kolomoisky and given him...September 03, 2007 - Summer Box Office Shows Finishing Kick
The summer box office ended with a bang with the best ever Labor Day weekend. Led by the latest edition of Halloween series, the box...August 30, 2007 - Apple iPod Event on September 5th
Earlier this week, Apple sent out invitations to a "special event" on September 5th. The invitation clearly signals iPod related announcements. The better websites in...August 28, 2007 - Summer Box Office Record Falls
The weekend box saw another gain, rising 4.9% vs. a year ago, the 7th straight up weekend. Quarter to date the box office is now...August 22, 2007 - Strong Quarter Boosts American Apparel
Outside of ETFs, Northlake clients own only one stock that is not involved in media or telecom. The company, Endeavor Acquisition Corporation (EDA), is a...August 20, 2007 - Special Market Comment
It seems appropriate to make a comment on the market following the sharp downside volatility over the past few weeks. However, to be perfectly honest,...August 20, 2007 - Box Office Remains Strong
The box office continues to roar with the top 12 movies up 23% this past weekend. Last week marked the fifth straight up week and...August 16, 2007 - Brief Apple Update
I have been waiting to round out long positions in Apple and build new positions for clients. SInce the stock brokedown and the market collapsed,...August 16, 2007 - International Box Office Strength
One of the things I have not stressed enough in my comments on the box office has been the strength of the international box office....August 15, 2007 - Market Returns Since the All-Time Highs in July
The sell-off since the S&P 500 and Dow Jones Industrial Average made all-time closing highs on July 19th has been broad. All the major indices...August 13, 2007 - Summer Box Office Sizzle Continues
Investors continue to flock to the nation's theatres to escape the heat and take their mind off the stock market. The weekend box office rose...August 09, 2007 - Cablevision Results Cause Comcast Pain
Comcast (CMCSA/CMCSK) took a serious dive yesterday, trailing the market action all day including a 3% drop when the DJIA was up close to 200...August 09, 2007 - News Corporation Looking Good
News Corporation (NWS) reported a very solid fourth quarter to wrap up a great fiscal 2007. Revenue and EBITDA rose 9% and 19%, respectively, with...August 09, 2007 - Cablevision Results Fall Short of Estimates
Cablevision (CVC) reported weaker than expected 2Q07 results and lowered 2007 guidance dealing another blow to the bull case for cable. Results were weak pretty...August 08, 2007 - Box Office Strength Continues
It seems as though everyone is going to the movies to take their minds off the lousy stock market. The weekend box office rose 36%...August 08, 2007 - Looking More Favorably on Dreamworks Animation
Paul Allen announced that he is dramatically reducing his remaining position in Dreamworks Animation. Following up on the sale of 12 million shares last November,...August 07, 2007 - August 2007 Model Signals
There were no changes of Northlake's Market Cap and Style models for August. The signals continue to be Large Cap and Growth. The large cap...August 07, 2007 - Virgin Media Delays Sale
Virgin Media announced that it was delaying the sale of the company. The brief press release indicated that financial and strategic buyers continue to express...August 02, 2007 - Ukraine Shortfall Pressures CETV Despite Otherwise Great Results
Central European Media Enterprises (CETV) reported second quarter revenues and EBITDA above estimates. However, the composition of the results caused concern among investors leading to...August 02, 2007 - Disney Earnings Growth Continues Unabated
Disney (DIS) reported another strong quarter. EPS of 58 cents exceeded the 55 cent consensus estimate with revenues in line with expectations at $9.05 billion....August 01, 2007 - Central European Media Enterprises Earnings Preview
Central European Media Enterprises (CETV) reports second quarter earnings tomorrow morning. CETV is the largest TV broadcaster dedicated to serving Central and Eastern Europe and...July 31, 2007 - Disney 3Q07 Earnings Preview
Disney (DIS) faces a tough comparison when it reports its 3Q07. Projected EPS of 55 cents are up just 4% vs. a year ago. Analysts...July 31, 2007 - Good Quarter, Bad Reaction For Rogers Communications
Rogers Communications (RCI) reported 2Q07 earnings on July 31st. The results were at the upper end of expectations and management raised the high end of...July 30, 2007 - The Simpsons Drive Huge Gain at the Box Office
A bull market existed at one place over the weekend: the nation's movie theatres. Thanks to a huge opening for The Simpsons Movie and good...July 27, 2007 - Earnings Looking Good So Far
Between Wednesday's market close and Thursday's market open, four stocks held widely by Northlake clients reported earnings and held conference calls. Apple (APPL) did quite...July 25, 2007 - Summer Box Office Update #2
As I expected, the summer box office momentum resumed at the end of June. Since June 29th, the box office is up 11%, ahead of...July 24, 2007 - Apple 3Q07 Earnings Preview
My friend and Real Money colleague, Bob Faulkner, is handling the Apple conference call for the website this quarter. Bob specializes in technology so his...July 24, 2007 - Another Good Quarter for AT&T
While there were a couple of issues with AT&T's 2Q07 earnings report, overall I think the results were good with underlying trends supporting the investment...July 23, 2007 - Comcast Bidding for Virgin Media?
Big headline is something called City A.M. in the UK claims an inside source says that Comcast is considering a bid for Virgin Media. While...July 23, 2007 - Summer Box Office Growth Still On Track
The third quarter improvement in the summer box office continued over the weekend but at a slower pace. Led by the new Adam Sandler film,...July 20, 2007 - Financial Times Writes Up Central European Media Enterprises
The Financial Times posted an interesting article on CETV and its role in consolidation of European TV stations. The article touched on CETV as a...July 18, 2007 - No SIgns of Upturn at Gannett
Gannett (GCI) reported another poor quarter as expected. There was nothing in the numbers to signal less pressure on revenues was around the corner. In...July 17, 2007 - Good News: Central European Media Enterprises Acquires Minority Interests in Slovakia
Central European Media Enterprises (CETV), a name familiar to former Street Insight subscribers as my favorite long-term growth idea in media, announced some good news...July 17, 2007 - Summer Box Office Back On Track
After a weaker than expected June, the summer box office is now on track for an all-time record. With Harry Potter and the Order of...July 13, 2007 - Purchasing Comcast At Last
After writing positively about Comcast (CMCSA) for two years on Media Talk and in my contributions for theStreet.com, I finally decided it was time to...July 02, 2007 - July 2007 Model Signals
I received the latest monthly updates Sunday night from Northlake's Market Cap and Style models. The Market Cap model continues to flash a very strong...June 25, 2007 - Central European Media Enterprises Joins Russell and Receives Good News In The Czech Republic
Central European Media Enterprises (CETV) rose to a new all-time high on Friday. The shares have been unusually strong over the last few weeks even...June 21, 2007 - Barron's Discovers Rogers Communications
Barron's Online gave Rogers Communications (RCI) a nice write-up yesterday, succinctly outlining the bull case. Barron's noted the positive dynamics of the Canadian wireless market...June 14, 2007 - Stable Pricing Bullish For Comcast
One of the reasons I remain bullish on Comcast (CMCSA/CMCSK) is that the much feared price war over the components of the triple play –...June 14, 2007 - Scripps Onlne Competitor Gets Bought Out
Over the weekend, the Wall Street Journal reported that Providence Equity was taking a control position in shopping comparison website Nextag.com. Nextag is the #2...June 14, 2007 - News On Northlake Stocks
Several stocks in the Northlake portfolio have had newsworthy items over the past week. Here is a recap of the latest news, all of which...June 08, 2007 - Advertising Growth Remains Below Par
According to AdAge.com, advertising spending in the first quarter fell by 0.3% excluding paid search. The data is from a study by TNS Media Intelligence....June 06, 2007 - Summer Box Office Update
The big three summer movies have now each been in theatres for more than two weeks. Together they are on track to gross about $900...June 05, 2007 - Regal Entertainment Competitor Completes IPO
Yesterday several brokerage firms initiated coverage on recent IPO Cinemark Holdings (CNK), the third largest operator of movie theatres. Not surprisingly, the underwriters are providing...June 04, 2007 - June 2007 Models
There were no changes to Northlake's Market Cap and Style models for June. The signals remain large cap and value. The large cap signal remains...May 31, 2007 - Lionsgate: Good Results and Outlook But As Usual Confusion
Lionsgate (LGF) shares are trading down about 4% following the release of the company's 4Q07 results and 2008 guidance. As usual, the accounting is complicated...May 31, 2007 - Bullish News For NII Holdings
NII Holdings (NIHD) shares rose over 3% yesterday following an announcement that the company would be issuing $1 billion in new convertible notes and buying...May 30, 2007 - Disney Radio Sale Set To Close
While Disney (DIS) shareholders digest the box office and stock market reaction to Pirates of the Caribbean: At World's End, the company announced details of...May 29, 2007 - Pirates Sets Sail Under Moderate Winds
Pirates of the Caribbean: At World's End performed in line with expectations pulling in $156 million over the Memorial Day weekend to set a new...May 24, 2007 - Central European Media Enterprises Pulls Back On Czech News
Central European Media Enterprises (CETV) shares have pulled back this week amid news out of the Czech Republic concerning the awarding of new digital television...May 22, 2007 - Valuevision At Critical Juncture
Valuevision (VVTV), owner of the ShopNBC, the #3 home shopping channel, reported disappointing 1Q08 results after the close. Similar to QVC and HSN, ShopNBC had...May 21, 2007 - Shrek The Third Off To A Good Start
Shrek The Third beat expectations this weekend as I thought it would. The total box office of $122 million is the third highest opening weekend...May 21, 2007 - Virgin Media Takeover Speculation Revived
As I noted last week, it seemed possible that Virgin Media (VMED) might be back in the crosshairs of private equity when one of its...May 18, 2007 - Shrek The Third Hits Theatres
The second big movie of the summer season, Shrek The Third, hits theatres today (actually showings began at 10 PM on Thursday night but those...May 17, 2007 - A Hedge Fund Manager Responds To Comcast Going Private
In response to yesterday's post about the Bernstein analysis of Comcast as a private equity buyout candidate I received an email from my good friend...May 16, 2007 - Is Comcast A Candidate For A Private Equity Buyout?
One of the ways I keep up on all things media is through a Google email alert on Providence Equity, which is the major media...May 15, 2007 - Where Are All The New Cable and Satellite TV Customers Coming From?
One oddity in the current multichannel television landscape is that all the major players are gaining subscribers despite what most observers would consider a pretty...May 15, 2007 - Virgin Media Shareholder Speaks Out
In an SEC filing yesterday, Franklin Mutual Advisers indicated that it is seeking talks with management and other shareholders of Virgin Media (VMED) in light...May 14, 2007 - Media Madness for May 14, 2007
Lots of Madness in Mid-May following the completion of quarterly earnings season: • The Wall Street Journal speculates that a merger between the NBC Universal...May 14, 2007 - Solid Results for Viacom
Viacom (VIA) reported slightly better than expected 1Q07 results. Trends did not differ greatly from analyst expectations but the risk was to the downside so...May 09, 2007 - Another Good Quarter For Disney
Disney (DIS) reported very good 2Q07 results driven by strong margin performance across all five operating segments. Better profitability allowed EPS to easily exceed consensus...May 08, 2007 - Taking Profits on Japan
Northlake clients have owned a position in Japan via the iShares MSCI Japan Index (EWJ) for over two years. Until yesterday that is. At the...May 08, 2007 - Disney: Slowing Growth, High Expectations Raise The Bar
Margin expansion should propel Disney (DIS) to another quarter of greater than 10% growth in operating income when it reports 2Q07 results after the close...May 08, 2007 - Warner Music: Might Be Stabilizing But No Upside
Warner Music Group (WMG) reported slightly better than expected 2Q07 results with revenues of $784 million and EBITDA of $96 million both soundly beating analyst...May 07, 2007 - Spiderman 3 Spins A Massive Web
Spiderman 3 blew away the all-time opening weekend box office brining in $148 million in domestic box office. The old record was set last year...May 04, 2007 - Good Quarter and Great Guidance From Central European Media Enterprises
1Q07 results and 2007 guidance from Central European Media Enterprises (CETV) are very positive. My bullish interpretation was further reinforced following the conference call and...May 04, 2007 - Wrapping Up A Busy Week
I covered eight media earnings calls this week in addition to closing the books on the month of April and getting fresh updates on Northlake's...May 03, 2007 - CBS 1Q07 Earnings: I Am Still A Seller
CBS (CBS) 1Q07 results were in line with estimates. EPS of 33 cents matched the consensus while revenues very slightly exceeded consensus. EBITDA fell a...May 03, 2007 - Cablevision 1Q07 Earnings: Going Private But Meaningful
After listening to the Cablevision (CVC) conference call, my initial impression that the cable bears came away with more ammunition should have been a more...May 03, 2007 - May 2007 Model Signals
There were no changes to Northlake's Market Cap and Style models for May. The Market Cap model continues to flash an extremely strong signal favoring...May 02, 2007 - Another Great Quarter For Rogers
Rogers Communications (RG) reported another very strong quarter, continuing a string of positive news that has led to a double in the stock over the...May 02, 2007 - Central European Media Enterprises 1Q07 Earnings Preview
I am having a hard time getting a read on expectations for 1Q07 earnings from Central European Media Enterprises (CETV). I expect very strong results...May 02, 2007 - Time Warner 1Q07: Stock Looking As Good As It Has In Some Time
Time Warner (TWC) reported slightly better than expected 1Q07 results highlighted by strong operating profits at AOL and Cable and better than expected performance against...May 02, 2007 - Media Madness
Time for some mid-week media madness: • Everyone is talking Dow Jones (DJ) so I don't believe there is a lot left to say. I...May 02, 2007 - Time Warner Cable: First Quarter As Public Company Shows Promise
Time Warner Cable (TWC) reported good 1Q07 results. Investors will cheer the solid performance at the company's legacy cable systems and signs of improvement at...May 01, 2007 - News Corp Bidding For Dow Jones
I would use strength in newspaper stocks away from Dow Jones (DJ) to take profits. The Wall Street Journal is a far different asset than...May 01, 2007 - Weekend Box Office: Spiderman is Coming
The weekend box office was extremely week, declining 27% against the same weekend a year ago. The total haul of $75 million was the lowest...April 30, 2007 - Rogers Communcations 1Q07 Earnings Preview
Rogers Communications is expected to report 1Q07 EPS of 18 cents on revenues of $2.03 billion. Those figures appear to be in US dollars but...April 30, 2007 - Verizon 1Q07 Earnings Offer Upside
Verizon 1Q07 earnings were right on target with EPS of 54 cents and revenues of $22.6 billion right in line with the consensus estimates. Key...April 30, 2007 - Comcast: Buy on Weakness
Comcast (CMCSA/CMCSK) reported solid first-quarter earnings of 26 cents per share on revenue of $7.39 billion. These numbers were extremely close to consensus estimates and...April 27, 2007 - Lots of Shine to Apple
Apple (AAPL) 2Q07 results were spectacular and the feared "even more conservative than usual guidance" failed to materialize. I think the shares should be higher...April 27, 2007 - Regal Entertainment Has A Great First Quarter
Regal Entertainment (RGC) shares rose 4% following better than expected 1Q07 earnings. RGC was able to convert the strong 1Q box office into better margins...April 27, 2007 - Excellent Results From NII Holdings - $100 Stock Price Within Reach
NII Holdings (NIHD) 1Q07 numbers were virtually on top of my estimates across the board. Every financial and subscriber number on a corporate and country-by-country...April 25, 2007 - The Bloom Comes Off the Scripps Rose
E.W. Scripps (SSP) reported in line 1Q07 earnings but guidance for 2Q and implied guidance for 2007 is well below street estimates. In my preview...April 25, 2007 - Apple 2Q07 Earnings Preview
My colleague at StreetInsight.com, Ben Thomas, will be providing officail coverage of Apple's earnings report for the site. I'll be listening to the call and...April 25, 2007 - Regal Entertainment and NII Holdings 1Q07 Earnings Previews
Regal Entertainment (RGC) and NII Holdings (NIHD) report before the open on Thursday. I'll be visiting with clients out of town most of Wednesday and...April 23, 2007 - San Jose Mercury News Clears Jobs of Criminal Activity in Options Probe
In a lengthy article, the San Jose Mercury News is reporting that it is unlikely that Steve Jobs will be charged with a criminal offense...April 23, 2007 - Monday Morning Media Madness
Here is your Monday Morning Media Madness: • On a year over year comparison basis, it was the worst weekend of 2007 for the box...April 20, 2007 - Gannett: Still Cheap But Still To Be Avoided
Special thanks to my intern, Megan Brinkman, a soon-to-be graduate of Northwestern's MBA program, who did most of the work on GCI this quarter due...April 20, 2007 - New York Times: Still No Upturn in Sight
New York Times (NYT) reported mixed 1Q07 earnings. Results were basically in line with analysts estimates and recent management commentary but there were no signs...April 20, 2007 - AT&T Finally Getting Some TV Customers - Should We Care?
AT&T (T) rose almost 1% yesterday, possibly in response to Wednesday's afternoon's press release indicating that the company's U-Verse TV offering was beginning to gain...April 19, 2007 - Mid-Week Media Madness
Time for a little mid-week Media Madness: • It appears that David Poland and I aren't the only voices proclaiming that "movie theatres are dying"...April 18, 2007 - Motorola 1Q07 Earnings Offer Little Hope For A Near-Term Turnaround
The message from the 1Q07 results from Motorola (MOT) could be that the worst is over. However, you can also draw the conclusion that earnings...April 18, 2007 - Private Equity Comes To Canada - Officially
It is now official that private equity has arrived in Canada. BCE Inc. (BCE), formerly Bell Canada, has ">announced that is negotiations with a group...April 17, 2007 - Dow Jones 1Q07 Provides Upside Surprise
Dow Jones (DJ) kciked off the 1Q07 reporting season for media compananies with better than expected performance thanks to strong ad pricing at the Wall...April 17, 2007 - More Comcast Internet News
Just a few hours after Monday Morning Media Madness noted that Comcast (CMCSA/CMCSK) was building some potentially valuable and underanalyzed internet assets, the following crossed...April 16, 2007 - Monday Morning Media Madness
Here is your Monday Morning Media Madness for April 16, 2007: • A tough comparison against a $40 million opening for Scary Movie 4 pulled...April 13, 2007 - Follow-Up On Endeavor/American Apparel
Back on April 5th, following a press release from Endeavor Acquisition Corp (EDA), updating investors on its acquisition of American Apparel (AA), I noted the...April 12, 2007 - Comcast CEO Gives Bullish Interview
Comcast shares are traded up sharply yesterday in a lousy tape following publication of a couple articles on Bloomberg reviewing an interview with CEO Brian...April 11, 2007 - Private Equity Comes To Canada - Good News For Rogers
Private equity speculation comes to Canada. More rumors about a takeout of BCE Inc (BCE), formerly Bell Canada, emerged yesterday with speculation about a buyout...April 09, 2007 - Reservations for Zell's Purchase of Tribune
Sam Zell's ESOP driven takeover of Tribune (TRB) is being met with a lot skepticism by the mainstream business press and newspaper industry observers. The...April 05, 2007 - Endeavor's American Apparel Purchase To Proceed
Endeavor Acquisition Corporation (EDA) announced that the deal to purchase American Apparel (AA) will proceed. AA met the requirement that 2006 earnings before interest, taxes,...April 04, 2007 - April 2007 Model Signals
For the second consecutive month there were no changes to Northlake's Market Cap and Style models. The signals are still flashing large cap and value....April 03, 2007 - Central European Media Enterprises Update
Central European Media Enterprises (CETV) shares had an outstanding first quarter, gaining 26.4%. Part of the gains recouped a $5 decline from mid-November through year...April 02, 2007 - Monday Morning Media Madness
Here is your Monday Morning Media Madness in honor of tonight's final game of March Madness. • Is anyone else bored by the prospect of...March 30, 2007 - Disney's March Quarter Shaping Up Well
As mentioned in my overview of the 2007 Prudential Midwest Media Day, I came away from my meeting with Disney (DIS) with increased confidence in...March 29, 2007 - Prudential Midwest Media Day 2007
I spent Tuesday at Prudential Securities Midwest Media Day. This is a great conference using a unique format combining very small group discussions with one-on-one...March 26, 2007 - More Media Madness
The market had its best week since 2003. The weekend is 75 degrees and sunny in Chicago. Same forecast for today. All the windows are...March 22, 2007 - National Cinemedia: Initial Research Observations
The underwriters of the National Cinemedia (NCMI) IPO launched coverage this week. NCMI is the largest company in the rapidly growing cinema advertising industry and...March 21, 2007 - Sub Prime Meltdown Advertising Impact
In yesterday's Media Madness post on the Northlake Capital Management home page, I mentioned that Reuters stated that 40% of sub prime loans had been...March 20, 2007 - Media Madness
A few small items in the media world that are cluttering up my desk: • Last week FCC Chairman Kevin Martin appeared before Congress for...March 19, 2007 - Upside From Comcast's Internet Advertising Business
In what should be good news for Comcast (CMCSA/K), the Wall Street Journal reported in its Weekend Edition that Comcast is unhappy with its current...March 19, 2007 - Apple Acting Well
Apple (AAPL) held up well during the market pullback and now is leading to the upside, trading at its highest price since the breakdown following...March 16, 2007 - Internet Continues To Take Advertising Share
The Wall Street Journal had an article reviewing the latest data from TNS Media Intelligence, a firm that tracks media spending patterns. TNS recently reported...March 14, 2007 - Some Data Challenging the "Box Office is Dead" Hype
Not to beat a dead horse but I wanted to follow-up on my post yesterday where I stated yet again that the hype that the...March 12, 2007 - 300 is 1 Reason To Be Bullish on Movie Stocks
Did you hear the hype that the domestic movie business is dead? Don’t believe it. I wish I had 300 reasons to tell you why...March 08, 2007 - Central European Media Enterprises: Entering Russia?
BroadbandTV News yesterday noted an unconfirmed report in a local Russian newspaper that Central European Media Enterprises (CETV) was negotiating to enter the Russian TV...March 05, 2007 - Correction or Bear Market?
As usual, Ned Davis Research (NDR) has some interesting data on last week's sell-off in regards to answering the question whether we have entered a...March 05, 2007 - Regal Declares $2 Per Share Special Dividend
Regal Entertainment (RGC) announced that it would be using a portion of the proceeds it received from the IPO of National Cinemedia (NCMI) to pay...March 01, 2007 - Strong Quarter For Echostar Communications
Echostar (DISH) reported very good 4Q06 earnings. EPS, revenue, and EBITDA were 34 cents, $2.6 billion, and $615 million compared to consensus estimates of 32...March 01, 2007 - March 2007 Model Signals
There were no changes to Northlake's Market Cap or Style models for March. The signals remain Large Cap and Value. As a result in the...March 01, 2007 - Central European Media Enterprises: Even Better Than Expected
I will likely have some follow-up comments on CETV after I check in with management and my key analyst contacts. Below is my commentary as...February 28, 2007 - Expecting A Strong Quarter From Central European Media Enterprises
Central European Media Enterprises (CETV) should report robust 4Q06 growth. I am forecasting revenues to rise 17% and EBITDA to grow 22%. Strong ratings in...February 28, 2007 - Charter Communicaitons: Getting Better But Not Good Enough
Charter Communications (CHTR) final 4Q06 results very closely matched the preliminary results reported on February 9th. Revenues rose 11.7% and EBITDA rose 10.3%. Revenues matched...February 27, 2007 - NII Holdings Reports Solid Results and Offers Upbeat Guidance
NII Holdings (NIHD) reported very good 4Q06 results that were inline to slightly ahead of analyst estimates and guidance. Headline numbers, country level results, and...February 27, 2007 - Cablevision Results Are Good News For The Cable Industry
The most important takeaway from 4Q06 results from Cablevision (CVC) is that there is no negative read through for the cable industry at large. CVC...February 22, 2007 - Regal Enterainment: Post National Cinemedia Update Looks Good
Regal Entertainment (RGC) completed an SEC filing detailing the impact of the IPO of National Cinemedia (NCMI). The filing supports my bullish view of RGC...February 21, 2007 - Thoughts on Sirius-XM Merger
There was a lot less discussion of the Sirius Satellite (SIRI) - XM Satellite (XMSR) merger announcement on Real Money, Street Insight andother business news...February 21, 2007 - Interesting New Report on Apple
Bear Stearns is out this morning with a detailed new report on Apple. Bear is not changing its buy rating or earnings estimates. Instead, the...February 20, 2007 - Year To Date Box Office Update: So Far So Good For Regal
Following several sluggish weeks, the box office found some traction this weekend as several new releases exceeded expectations leading to an 18% gain vs. the...February 20, 2007 - Good Results From Rogers Communications
Rogers Communications (RG) reported very strong 4Q06 results. Wireless was the star performer with margin expansion exceeding analyst estimates. The Cable and Media divisions also...February 15, 2007 - Rogers Communication 4Q06 Earnings Preview
Rogers Communications (RG) preannounced solid subscriber results that should be supportive of a good quarter when the company reports full EPS after the close on...February 15, 2007 - Bullish Indiactor For NII Holdings?
One of the comparables I used in my thus far successful purchase of NII Holdings (NIHD) was Millicom International (MICC). NIHD offers wireless telephone service...February 12, 2007 - Lionsgate Finally Reports A Good, Clean Quarter
Lionsgate (LGF) reported a good quarter. EPs of 19 cents matched estimates, while revenues of $255 million did not fall materially short of the $258...February 09, 2007 - Tribune: Earnings Stabilizing But No Growth
Tribune (TRB) reported slightly better than expected 4Q06 earnings with adjusted EPS coming in at 65 cents against a consensus estimate of 61 cents. Revenues...February 09, 2007 - Disney: Strong 1Q07 Earnings Support Higher Target Price
Disney (DIS) reported much better than expected 1Q07 earnings with EPS coming in at 50 cents against a consensus estimate of 39 cents. Revenues were...February 08, 2007 - Good Quarter For DirecTV -- Upside Remains
Technical difficulties prevented me from listening to the DirecTV (DTV) 4Q06 conference call. The following comments are based upon the press release and initial analyst...February 06, 2007 - Regal Entertainment 4Q06 Preview
Box office comparisons should ease this coming weekend with the fourth installment in the very popular Hannibal Lecter series but the big news this week...February 05, 2007 - February 2007 Model Signals
Both of the models in Northlake's ETF rotation strategy sent new signals for February. The market Cap model shifted from Mid Cap to Large Cap...February 05, 2007 - Comcast: Capital Spending Should Not Be Penalized
Comcast (CMCSA/CMCSK) reported 4Q06 results that were very close to extremely high expectations. Guidance for 2007 is also very close to current analyst expectations with...February 05, 2007 - Time Warner 4Q06 Good Enough
Time Warner (TWX) reported 4Q06 results that were very close to analyst estimates across the board. There don't appear to be any surprises in the...January 30, 2007 - Scripps Guidance Ignites Questions; Too Soon To Buy
E.W. Scripps (SSP) shares are deservedly down sharply following poor 1Q07 guidance issued in association with its 4Q06 earnings report. A re-evaluation of the prospects...January 30, 2007 - Verizon Should Keep Working Higher
Verizon (VZ) reported solid 4Q06 results, closely matching analyst estimates is most key areas. VZ is a huge company with lots of closely followed metrics...January 29, 2007 - A Look at Apple's Valuation
After reading through a lot of analyst comments about Apple's earnings, I think I captured the general consensus well with my follow-up piece. Most analysts...January 29, 2007 - A Potential Headwind For Comcast
Keep on eye out for some negative publicity that could hit Comcast (CMCSA/K) in the next few weeks. Sinclair Broadcast Group (SBGI) and Comcast are...January 29, 2007 - Sears Holding Follow-Up
Late last year, I sold my position in Sears Holding (SHLD) on the basis that I no longer had an edge in analyzing the shares....January 25, 2007 - One Reason The Market Has Done So Well
I am not a trader and Northlake's investment strategy is designed to outperform on a relative basis so whether the market goes up or down...January 24, 2007 - Radio Industry Should Boost Dividends
Credit Suisse had an interesting report earlier this week about the radio industry that has broader implications. The thesis was that radio operators should establish...January 22, 2007 - Motorola: Gains Off Analyst Meeting Don't Last
I know tech is very weak today so it might not make sense to read too much into it but Motorola (MOT) is giving up...January 22, 2007 - Tribune Auction Fails
My colleague at StreetInsight.com, Chris Atayan, made a really good point that the failed Tribune (TRB) auction shows that private equity isn't a cure for...January 22, 2007 - Many Bullish Catalysts For Apple Over Next Six Months
Apple (AAPL) shares continue to pull back sharply following release of the company's latest quarterly earnings report. I remain surprised by the size of the...January 19, 2007 - Motorola 4Q Earnings Review
Motorola (MOT) reported 4Q earnings in line with its recently lowered forecast. Key to the stock performance over the next six months is the 2007...January 18, 2007 - Motorola 4Q06 Earnings Preview
There won't be much fresh news when Motorola (MOT) reports its 4Q06 tomorrow morning. The preannouncement the first week of January has already delivered the...January 18, 2007 - Apple December Quarter: Great But Provides Some Ammunition For Bears; Bears Will Run Out of Ammo, However
What follows is my analysis on Apple immediately following completion of the company's conference call to discuss December quarter earnings. I'll have more to say...January 18, 2007 - Central European Media Enterprises: I Have Company For My $100 Target
Central European Media Enterprises (CETV) broker out to new highs this week following an upgrade from Czech-based analyst Tibor Bokor of Wood Company. Tibor sharply...January 18, 2007 - Endeavor Acquisition Due Diligence
Last week I had an opportunity to talk with Elizabeth Haynes of Haynes & Company Consulting about the acquisition of American Apparel (AA) by Endeavor...January 16, 2007 - Apple December Quarter Earnings Preview
Despite the sharp advance in Apple (AAPL) shares over the past week, I think the setup is favorable heading into the company's earnings report after...<