Univision Communications Inc.: Moving to an Underweight Rating from Not Rated

研报英文原文证据摘录

Univision Communications Inc.: Moving to an Underweight Rating from Not Rated

rule change in the near term,

although broader media industry M&A could present future opportunities for

TelevisaUnivision (see below).

Comcast NBC Universal Separation: Amid the ever-evolving Media landscape, in which

traditional / linear media companies are increasingly looking to consolidate and strengthen

their streaming businesses and competitive positions (as evidenced by Paramount’s proposed

acquisition of Warner Bros. and Fox’s proposed acquisition of Roku), Comcast's recent

announcement that it was going to separate its cable business from its media arm is notable.

We believe the separation of NBC Universal, and with it, TelevisaUnivision competitor

Telemundo, into its own standalone company could have several ramifications for

TelevisaUnivision. From a programming standpoint, we wonder whether the to-be-separated

NBC Universal will be as aggressive on content acquisition costs once it is a standalone

company (though beyond the UEFA win, we expect the U.S. video rights for the next two

World Cups, 2030 and 2034, to be decided before the separation). Away from sports and

general programming investments, we wonder whether a separation of NBC Universal

together with Telemundo could eventually lead to a sale of the number two Spanish language

broadcaster. While the anti-trust hurdles are likely to be formidable, we believe there could

be industrial logic for the two companies, TelevisaUnivision and Telemundo, to pursue a

combination.

Nielsen Ratings Methodology Change: Nielsen had recently planned to implement a

change to its ratings and measurement methodology at the end of August (post the current

upfronts) which would have increased the weighting of Spanish-language audiences in its