http://www.northlakecapital.com/mediatalk/ ...brought to you by Steve Birenberg en-us steve@northlakecapital.com 2010-03-02T08:37:56-06:00 hourly 1 2000-01-01T12:00+00:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/03/02/swapping_discov.html On March 1st, all Northlake client positions in Discovery Communications voting shares (DISCA) were swapped to Discovery Communications non-voting shares (DISCK) on a dollar for dollar basis. DISCA shares were added to the S&P 500 as of the close of... 1620@http://www.northlakecapital.com/mediatalk/ DISCA 2010-03-02T08:37:56-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/03/01/sticking_with_s_1.html There were no changes to Northlake's models for March. The Market Cap model is sending a small cap signal for the second consecutive month and the Style model remains on value, as it has been since July 2009. As a... 1619@http://www.northlakecapital.com/mediatalk/ Models 2010-03-01T14:10:43-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/02/25/virgin_media_co.html Virgin Media reported its best quarter in several years. Mid to upper single digit revenue and EBITDA growth comfortably exceeded estimates and translated to a big beat in free cash flow. Subscriber additions were also good across the board with... 1618@http://www.northlakecapital.com/mediatalk/ VMED 2010-02-25T15:01:49-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/02/20/advertising_rec.html CBS reported solid results with EPS, revenue, and EBITDA closely matching street estimates. The report did not provide the big positive surprise seen by News Corporation, with which it has a lot of overlap. This fact, plus some variances to... 1617@http://www.northlakecapital.com/mediatalk/ CBS 2010-02-20T10:07:54-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/02/18/directv_solid_r.html DirecTV (DTV) reported solid 4Q09 financial results and mixed subscriber metrics. The company also announced a $3.5 billion share repurchases which exceeded the high end of estimates calling for $2-3 billion. Ahead of the conference call, on which, the company... 1616@http://www.northlakecapital.com/mediatalk/ DTV 2010-02-18T13:47:26-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/02/18/quarterly_media.html The following commentary summarizes recent media company earnings reports including Discovery Communications (DISCA), which remains widely held by Northlake clients. Since I wrote these comments, it was announced that DISCA will be added to the S&P 500. This provided about... 1615@http://www.northlakecapital.com/mediatalk/ Media 2010-02-18T11:09:28-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/02/01/back_to_small_c.html Northlake’s Market Cap model continues to show unusual volatility, reflecting the volatile economic and financial market environment. For February the model is sending a small cap signal. As a result, all Northlake model-driven, client positions in mid cap (MDY) have... 1614@http://www.northlakecapital.com/mediatalk/ Models 2010-02-01T11:23:42-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/01/29/searching_for_p.html Earlier this week, I purchased a position in Google (GOOG) for all Northlake clients who use individual stocks as part of their portfolio strategy. GOOG pulled back from $630 in early January to $545 with the bulk of the drop... 1613@http://www.northlakecapital.com/mediatalk/ GOOG 2010-01-29T09:25:14-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/01/25/another_good_qu_2.html Apple reported another good quarter (revenue +32%, EPS +44%) although investor reaction was unusually muted as the company unexpectedly switched its revenue recognition policy for iPhones. Apple has been reporting “adjusted” results based on the new accounting for several quarters... 1612@http://www.northlakecapital.com/mediatalk/ AAPL 2010-01-25T17:31:41-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/01/22/virgin_media_ba_1.html I purchased a new position in Virgin Media (VMED) in all Northlake client accounts, including my personal accounts. Clients who have been at Northlake for awhile may remember owning Virgin Media previously, even as far back as when it was... 1611@http://www.northlakecapital.com/mediatalk/ VMED 2010-01-22T11:28:33-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/01/19/sold_att_due_to_1.html All Northlake positions in AT&T have been sold in the last couple of trading days. The stock has been a disappointment. It did not participate in the big market rally in 2009, providing only a minimal return through its dividend... 1610@http://www.northlakecapital.com/mediatalk/ Telephone 2010-01-19T14:21:36-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2010/01/05/back_to_mid_cap.html Northlake's Market Cap Model started 2010 with a new signal favoring Mid Cap. This reverses the change made at the start of December when the model moved from mid cap to large cap. As a result of the new signal,... 1609@http://www.northlakecapital.com/mediatalk/ Models 2010-01-05T14:23:46-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2009/12/01/market_cap_mode.html Northlake's Market Cap model shifted to Large Cap from Mid Cap for the month of December. The current signal is just barely in large cap territory. The shift reflects the lessening impact of a cyclical bottom in the economy and... 1607@http://www.northlakecapital.com/mediatalk/ Models 2009-12-01T14:26:38-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2009/11/23/liberty_media_e_1.html Last Thursday, shareholders of Liberty Media Entertainment (LMDIA) and DirecTV (DTV) formally approved the merger between the two companies. The merger closed Thursday night. Many Northlake clients owned shares in LMDIA. Each share of LMDIA is now one share of... 1606@http://www.northlakecapital.com/mediatalk/ DTV 2009-11-23T14:06:56-06:00 http://www.northlakecapital.com/clients/mediatalk/archives/2009/11/20/steve_birenberg.html I am pleased to announce that beginning January 1, 2010, I will be co-managing Entermedia Growth Partners. Entermedia is a 16 year old hedge fund focused on media, communications, entertainment, and communications technology. Entermedia will be a separate business from... 1605@http://www.northlakecapital.com/mediatalk/ Media 2009-11-20T13:43:32-06:00