corrected transcript Stephen Burke Burke Stephen Cohen Reif Jessica MANAGEMENT DISCUSSION SECTION SECTION MANAGEMENTDISCUSSION NBC. for wil that is moving, the market I think where Again, affili what our of chunk big we a get plus stations I thin what weget if which consent, retransmission is broadcas at NBCUniversal term near the in upside its c of aware very been always have and understand broadc the around been I’ve interestingly, then And ve very, a just CNBC MSNBC, Bravo, Syfy, but stays; quart 14 like something for one number been has USA terrif in are channels cable The anticipate. didn’t haven way. our We broken have things of number So a on value much too put didn’t but channels the cable p our business in even wasn’t that something that’s well a as we do if NBCUniversal for thing good very thing f a good is not which consent, Retransmission we d thing that positive is a advertising So today. a changed business advertising the deal, the we did m many, had business advertising national deal, the strong is very business advertising The the better. of most today, and signing is between news good The o a lot got we’ve like we feel I think And outside. the to new 13 are people, 20 the top Of hires. good is team operating ongoing – the have we now is news da on could people that so the close, before months managem the senior of bulk the named we actually So running. ground that sure make employees, the understand business, si between time the use have to you is philosophies NBC like quite were the acquisitions of None Cable. over acquisitions of a lot we’ve done So 15 months. of pendency deal. The do the to going were we that bee has it But the company. of 51% owned or company b has it so 28, January January, in deal The closed around? to turn efforts and attention you fa that operating challenges term immediate and S community. financial the to appearance your first the of are some What time. a long so months, seven to ha a pleasure such you, It’s Steve. thank Great,
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Ticker CMCSA f opportunity. opportunity. f ic shape and the key there is to continue to invest to continue is to there key the and ic shape ates end up charging for retransmission consent, consent, retransmission for charging up end ates idn’t factor in. idn’t factor E l be hundreds and hundreds of millions of dollars dollars of millions of hundreds and hundreds be l . We actually, right around the time we signed the we signed time the around right actually, . We ve you here. You’ve been in control of NBCU for NBCU for of control in been You’ve you here. ve k the market will shake out as per our own per our out as will shake the market k o can you discuss some of your key near term term your key of near some you discuss o can company, some from Comcast, many from many from Comcast, from some company, the owned we’ve since months seven een ast business for a long time and really really and a time long for business ast valued essentially deal. the We we did when lan s CBS, ABC, and FOX, which we should, and and we should, which and FOX, ABC, CBS, s the last 15 years or so growing Comcast Comcast growing so years or 15 last the NBC or Universal Studios. Studios. Universal or NBC a to be is going Comcast, of side the cable or the understand to really closing and gning Universal, but one of our operating our operating of one but Universal, nd became very positive and remains positive positive remains and positive very became nd y one have a business plan. And the good good theAnd plan. business y have a one the deal between signing and closing was 14 or wasor 14 closing and signing between deal the any months of decline. And literally right after after right literally And decline. of any months ▲ t, which is surprising to us. Part of that is is that of Part us. to is surprising which t, your greatest will require divisions ce? Which – and we’re very happy to have you It’s here. have to happy verywe’re – and hallenges. But I think perhaps our biggest our biggest perhaps I think But hallenges. ry powerful stable of cable channels. channels. cable of stable rypowerful in place. I think we made a number of very of number a we made think I place. in you accept the direction so that you hit the you the hit that so direction the you accept the things that changed have changed for for changed have changed that the things ent team in September, three months or four four or three months in September, ent team ers in a row and we want to make sure that sure make want to we and in ers a row
’t found anything to the negative that we that negative the to anything ’t found n really closer to two years since we knew we knew years since to two closer n really Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. Date . ▲
1 corrected transcript Stephen Burke Burke Stephen Cohen Reif Jessica carefully. it watching we’re the economy, strong remains market the advertising I think wood, wherewe think 20% from or 15% is up which a spot, pret we’re Particularly, events. on big advertising that a realization of bit little there is a I think is continuing. catch-up that and – 2009, in 2008 lit there’s a I think But business. our part of big spending companies about concerned weren’t you and thein san your head you’d have I think But is not. becaus locally comparisons tough some have going to but werewe concerned, when weeks of awere couple was market the when particularly side, local theOn are for you look that signs the all cancellations, the ca for and NBC both for weexpected better than v remains business advertising national the So far, carefully. very at very, look NBCUniversal. of parts various and cable channels, Spotlight. The Comcast business, advertising cable State United thein television advertising for home a television place people to for places of In terms youyet, it can seeing not you’re if And local? or softnes you seeing are markets, jittery and economy to be continues advertising that mentioned You just assets. amazing some we got and negative very were when people a time was It 2009. hinds In it. about optimistic verywe’re but to be, year in next dothe to lot astill have better. We again, it do to we had if saywould I And process. o lot awful an there’s is I think news good But the busines the of one single every in the board across wh 2012, and 2011 period, in a we are So we are. as not had and businesses these about enthusiastic as It’s us. out cut for work our we’ve got think So I opportunity. of that kind match wi do we can that is nothing there And opportunity. get and stations local in the reinvest and to third net NBC – the behind far is so NBC addition, inAnd
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online advertising is not as effective in general general in effective as not is advertising online tle bit of a catch-up from very tough advertising y advertising very tough from a catch-up of bit tle Ticker CMCSA or two to get the company to where I think it needs I think where to company the get to two or clear. We knew this going in that GE had not been been not GE had that in going this knew We clear. all positive nationally. nationally. all positive ight our timing when we struck the deal, it wasit deal, the wewhen struck timing our ight our syndication business going again, it is a majo is a it again, going business our syndication give us any preliminary forecast for 2012? 2012? for forecast preliminary any us give ty much sold out on the Super Bowl at $3.5 million million $3.5 atBowl Super the on out sold ty much dvertising, I think we’re the number one television one number we’re the think I dvertising, in that we’re and patient, we’re if opportunity f d if you weren’t concerned about the economy economy the about concerned weren’t you if d the first seven months could not have gone have gone not could seven months the first s, about $9.5 billion. $1.5 billion of that is our our that is of billion $1.5 billion. $9.5 about s, ery strong. We had an extremely strong upfront, upfront, strong extremely had an strong. We ery th USA, Syfy or Bravo that in the near term can can term near in the that Bravo or Syfy USA, th gyrating in August, we were concerned. There There we concerned. were August, in gyrating ses. . But again, with everything that’s going on in in on going that’s everything with again, . But strong. I’m just curious. Given the softening the softening Given curious. just I’m strong. work is so far behind that if we get from fourth we getif from behind that far is so work rest of that, about $8 billion, is at NBC and the the and at NBC is billion, $8 that, about of rest So obviously, advertising is something that we that is something advertising obviously, So national whether business, the of part any in s ble channels. And all of the metrics, all the metrics, the of all And channels. ble been as willing to invest in these businesses businesses these in invest willing to as been about the world. Our timing was really good, good, really was timing Our world. the about ▲ ere we’re making investments pretty much pretty much investments we’re making ere the Super Bowl was last year. So knock on year. knock So last was Bowl the Super e last year was a political year and this year yearthis and political wasyear a e last that also seems to have stabilized. We’re to have stabilized. We’re also seems that
money on advertising because it’s such a such it’s because advertising on money Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. as as ears ears Date
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corrected transcript Stephen Burke Burke Stephen Cohen Reif Jessica b the for bang webiggest sure the get to make them be to are trying really we But dollars. investment together work can company combined where this areas the one challenges of I think So really, have O&Os. Sp with Comcast wedo can a lot working. There’s be go televising and Versus on NHL the televising were and both Golf for ratings is the thing interesting this a of done some We’ve ideas. of lots we have So th to sell and the ratings wecume can that Channel o spots same the if we have wethink And broadcast. as it use and hole 16th the is going through Woods say you could Sports,, NBC on leaders the following some or hole the 16th on stationed hole, just 16th and are, leaders the whoever follow Channel Sports Cha Sports NBC event on the same of feeds different golf to take able wewill be deal, that in And PGA. G the we own And Channel. Sports NBC to the January on sports. We concentrate you just – I’ll I’ll give opportuni interesting very of number also have a We we’re doing. which happen, that all of r company this combined that sense a real in docan interactive get to trying process long a slow, been for do can Request RFI, We Cable. at Comcast homes dynamic to us put allow to investment an completed m while. a We’ve thatin for been consortium. We’ve a part of investments. of We’re a number made We’ve it happen. make to at NBCUniversal and therefore and around company other any than reality to ga have more We technology. all that and company ou at tools have more perhaps and to gain have more so also and Cable, Comcast to important so company, advertisin that the the fact you from start I think years? upcoming in advertising advanced how can and you’ve made, that the progress discuss intera of potential the highlighted you– potential y that ideas innovative ideas, of dozens were there f created be that could businesses in opportunities you announced, was first transaction the NBCU When
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Ticker CMCSA g business is so big and so material to the combine the to material so and big is so business g own Versus, which we’re changing the name in name the changing we’re which own Versus, the NHL are much higher than they were when we when were they than higher are much NHL the ctive advertising or advanced advertising. Can you Can advertising. advanced or advertising ctive as disciplined as we can in terms of prioritizing prioritizing of in terms we can as disciplined as events on a Saturday and Sunday and simulcast simulcast and Sunday and a Saturday on events advertising here. But there are a lot of things we things of lot a are there But here. advertising dramatic hole near the finish. So that if you’re if thatSo finish. the near hole dramatic rom the combined platform. In your In responses, platform. the combined rom ou were considering, and one of them was the them of one and considering, were ou is there are so many opportunities in so many many so in opportunities many so there are is e same advertisers a higher rated cumed thing. cumed rated higher a advertisers e same a way to add in a complementary fashion to the to fashion complementary in a add to way a now tune in to the Golf Channel because Tiger Tiger because Channel the Golf to in now tune ade some investments there. We recently We there. investments ade some uck where we go. wherewe go. uck lf events on the Golf Channel. So it appears to itSo appears Channel. Golf on the events lf in making role a leadership take to needs eally ties that don’t require a lot of technology, and and technology, of lot a require don’t that ties lready with Golf and with the NHL. And the the And NHL. the with and Golf with lready 14 million in about screens VOD intoads then you could have the Golf Channel on the on Channel Golf the you have could then more incentives both in the cable business business cable in the incentives both more ▲ n both NBC Sports Channel and the Golf Golf and the Channel Sports NBC both n ortsNet in many of the markets wherewe the markets of inortsNet many NBC aid and be aided by the development of of development the by aided be and NBC aid nnel and Golf. And so you could have NBC NBC have you could so And Golf. and nnel r disposal because we have a big cable acable big we have because disposal r consortium called Canoe which is the cable is the cable which Canoe called consortium a advertising interactive making from in important for NBCUniversal that we would would we that NBCUniversal for important were asked about potential new potential about asked were
Information, with a click. And to me, it has Andme, to a click. with Information, and we can deploy, intelligently deploy deploy intelligently deploy, we can and olf Channel. And we just did a deal with the a diddeal we just And Channel. olf Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. Date
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corrected transcript Stephen Burke Burke Stephen Cohen Reif Jessica c those. of We one had we say let’s But those. find N on Family Modern next the or Housewives Desperate en lucky we’re if – we get if So network. primetime large ahas that company only the really we’re And FOX. or CBS, ABC, for set has that company the only news. in itWe’re we have have ESPN and ABC Obviously, parts. our day of most we’re the Interestingly, work. can it that, doyou broadcasting between lines the that else; everyone that eve a premise from to start you have really So thin the same of a version we did And MSNBC. onjob becau weekend won the we and trailed has WABC, WNBC WNB on something and anchored come has weekend on a m on WNBC, an hour overdid and came Brian Williams e and MSNBC from footage that have all You Channel. perso weather one having of instead a sudden all of those channel five of or all four go across footage Channe The Weather from somebody on his right, WNBC f had somebody actually Show, the Today of Producer Sun on air the went on Show the Today morning. When Mat we had air, on the went Show Today the when And plu those channels of all four ago, basically weeks whi Irene, Hurricane like event an you have when So Channel. The Weather really the and really CNBC o you think can’t News, at NBC you look If anymore. e don’t different. We veryworld is now the I think verbe and want what I do going to I’m NBC. part of w personalities producer big these and news running Ebersol run and Dick Tartikoff Brandon and Ohlmeyer heyday the image, my in NBC, interesting. it’s And company. you ma can well together, work the company of parts y if that choices; more and have more People movie. smal and smaller get shares audience where universe ye many many, for felt always value. maximize We’ve let you can, people best the hire own thing, their comp are some There divergence. is a real and there vie point of a philosophical you from start I think advert and promotion integrated you how of examples an Symphony Project about bit a little you talk Can
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Ticker CMCSA w on how one of these companies should operate, operate, should these companies of how one w on only media company that has broadcasting cable in cable broadcasting has that company only media ven really look at the NBC Network as standalone as Network at the NBC look really ven ultimately will that and out, it fight everybody s, and it’s very powerful. If you’re running WNBC, running you’re WNBC, If powerful. very it’s and s, ough to get a hit; let’s say we have the next next the we have say let’s a hit; get to ough s WNBC, a fifth channel, operated as one entity. entity. one as operated channel, a fifth s WNBC, ry executive in the company is going to work with work going to is company the in executive ry some can you as concretely as us d tell ould put Desperate Housewives in a number of of a number in Housewives putould Desperate of NBC was the time when you had Don hadyou Don when was time the NBC of stable of entertainment channels in addition to a to addition in channels entertainment of stable y, very independent. y,independent. very and cable channels had come down; and that if if that and down; come had channels cable and n, you have 200 meteorologists at The Weather at The Weather meteorologists 200 have you n, f NBC News without thinking of MSNBC and and MSNBC of without thinking NBC News f NBC News and MSNBC. The same cannot be cannot same The MSNBC. and NBC News different where environment an create can ou ▲ ch came through the East Coast a couple a couple East Coast through the came ch ho would basically say my part of NBC is my is my NBC of part my say basically would ho ximize each individual element of the of element individual ximize each anies that say they have every division do do division every have they say anies that ars that you, particularly in a fragmented fragmented a in particularly you, that ars ning sports and then you had Andy Lack Lack you Andy had then and sports ning g for 9/11. g for products? to launch platforms across ising ler, it gets harder and harder to open a a to open harder and harder gets ler, it rom MSNBC on his left, somebody from from somebody left, MSNBC his on rom verything from NBC News. NBC News. from verything
it in sports. We have it in sports as well, but well, but as havesports in it in it sports. We t Lauer and Ann Curry come in on Sunday come Curry Ann and t Lauer day morning, Jim Bell, the Executive Executive Bell, the Jim morning, day BC, which is no short order, it’s not easy to easy not it’s order, short is no which BC, aybe the first time a national news anchor anchor news a national aybe time first the l right there, and we had talent and and talent had we and lthere, right se of all that and I think did a very good good did a very I think and all that of se C. And week after week after week, week, after week after week C. And Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. Date ▲ 4
corrected transcript Jessica Reif Cohen Cohen Reif Jessica with that? goes along Ar cash? than more anything for asking distributors s the what returns, about bit a little you talk Can broadcasti that beginning very the at You mentioned through break to tough really and really fragmented year to given any doingyou’re in things important t you’dlike come, ideas creative when the then And lik we’d ultimately So have. not do just separately for that, other companies that an advantage give us ov an is such synergy because Symphony itwe – call w in believes he because is to NBCUniversal he came an gone have hewhy could – the reasons of one that “A on [ph] based Roth with Joe doing a movie We’re that. seen we’ve already and aggressively, bringing of better chance a I or have else, someone of chance a better have I will say people creative and company this use can we that consistently prove – consistently weprove can if ultimately then And of So all markets. non-Comcast than higher 40% were interesting year. And the of hit fide bona our only V The course, of And company. entire the throughout the Show, Today the on was promoted Voice else. The video Bar, Flip on the Channel, Barker the on Voice you out could it came before the month Voice So The do. to everybody like would we what okay, we said and company the of senior management An it priority. a real make to we decided out, came re could that showof kind is the this that feeling th and deal the we closed day the between to launch was reall It last spring. out which came Voice, The e powerful than more far it’s really works, it When on and meets together gets that committee marketing an requires week, next schedule fall the launching a which is happening schedule, fall the NBC promote USA B or ask to But something. behind get everybody an together, work to you people get do how and then that sure you make do is how challenge the then And ca that company no other really there’s and Oxygen, put can Desperate on. them We put to cable channels hit a big had CBS If Family. ABC or Channel Disney cou they Housewives, Desperate has ABC places. When
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Ticker CMCSA ally break out. So about a month before The Voice Voice The before a month out. about So break ally ize of the opportunity is and the timing? Are timing? the is and the opportunity ize of ly, in Comcast markets The Voice had ratings that that ratings had Voice The markets Comcast in ly, e to be beacon for people to bring creative ideas. ideas. creative bring to people for beacon e to be opening a movie with NBCUniversal than I do with with do I than with NBCUniversal a movie opening is the show, example best The we hoped. ven give them a better chance in a world which is which world a in a better chance them give it has been only seven months. But if we can if But months. only seven been it has d we organized a meeting where we had the the we had where a meeting we organized d y the only major new show that NBC was going going was NBC that new show yonly major the attitude and a process. And we have a have a we And a process. and attitude e they asking for streaming rights, and what and rights, streaming for asking e they the clutter. clutter. the o do whatever you can for the five or ten most most five ten or the for you can whatever o do promoted it getting and show new television a everywhere stuffers, bill promoted demand, on very good reasons, have chosen to work work to have chosen reasons, good very ng is a good opportunity within that retrans. retrans. that within opportunity good is a ng n do that. So I think our assets are unique. are unique. our assets think So I do that. n like Desperate Housewives, they have no have they Housewives, Desperate like e fall schedule. And we started to have a have a to we started And fall schedule. e ▲ Corpse in Hawaii” (17:15). And Joe will tell you will tell Joe And (17:15). Hawaii” in Corpse to say easy very It’s feat. small is no that d all of these aspects together well, ultimately well, ultimately together aspects these all of ll over our air right now today because we’re we’re because today now right our air over ll oice ended up being I think the real – certainly – the certainly real I think being up ended oice aligned, clearly is company the of culture the ywhere he wanted. One of the reasons why reasons the of One wanted. ywhere he n’t turn on Comcast Cable without seeing The The without seeing Cable Comcast turn on n’t erused term. But this Symphony effort can can effort Symphony But this term. erused a periodic basis. basis. a periodic Housewives on USA, Bravo, Syfy, E!, Style, E!, Syfy, Bravo, on USA, Housewives ravo to give up promotional inventory to inventory promotional up give ravo to hat we’re doing and believes that this kind of of kind that this believes and doing we’re hat a sudden, people realized that this works. works. this that realized people a sudden, Tonight Show, E! Entertainment, really Entertainment, E! Show, Tonight
here’s why we think it’s a priority. Here’s Here’s priority. it’s a wethink why here’s ldn’t put Desperate Housewives on the the on Housewives Desperate put ldn’t Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. Date ▲ 5
corrected transcript Stephen Burke Burke Stephen side. the station on be we should than profitable necessar tools the gotten haven’t just NBC stations have continu networks other the year,whereas after a numb and Philadelphia and and Chicago York in New nu was NBC years ago, 15 ABC was when at I remember falle have stations the broadcast time, same At the in coming EBITDA of dollars of millions of hundreds bot when And narrow. will discount that traditional Bowl, the Super the and Voice The like programming is the will happen what typically then and ratings havet networks other that the and momentum success ab you think if be discounted eyeball should an why and ABC, CBS, versus 20% to up heavily, discounted discou the get to we need improve, the ratings Once need rate. We really first is really, He time. long to sit programmer gifted most the maybe Greenblatt, new need to develop Voice. The of We success on the is ratings; that of part and closed, distance that there is, and NBC as financially behind far as been behin far which is so primetime, NBC is getting now tha and the thing stream revenue that as big as But model. broadcast th stream revenue a new be going to that’s But can. we that sure follow make goes, market the wherever posi tough very taking companies telco or satellite reason whatever are for that groups station smaller the off go that channels that interesting It’s very and reduce go better discussions make will actually we get. whatever of 50% share would we but a month, our affiliates. We of behalf on negotiate would we call our affiliates. We with interesting something thr similarly get compensated to to try going we’re charge the be leading to we’re going I think don’t compensated. fo big with strong – now are content companies most the I think reasons, of variety a for So channels. channels. new launching in interested is really one the on both reasons, of variety a for compensation la of notion the And ESPN2. launch wewill but ABC, bandwidt more had companies cable beginning, In the started. really consent when retransmission 1992 d of a bunch and there’s reason, whatever years for i balance right the what out figure try to tosides ca for thing a difficult it’s And Cable. at Comcast to sto trying my years of career dozen a I’ve spent
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Ticker CMCSA to improve ratings. ratings. improve to we need to do better with ratings. We need to build need to with ratings. We better do to we need to medium be to tend not than often air more two or 18 months last the over do think I But s. ble companies and content companies on both both on companies and content companies ble it the Proxy Program. And basically the idea is tha idea the basically And Program. Proxy it the world changed over the last 18 or 24 months and and 24 months or last 18 the over changed world ratings will turn. And as we have more must-have more we have as And will turn. ratings there for whole variety of reasons, but I think but I think reasons, of variety whole for there h of those things happen, you can imagine imagine you can happen, those things of h ough CBS, ABC, and FOX. And we’re trying to do to we’re trying And FOX. and ABC, CBS, ough tioning. So what we’re really trying to do is is do to trying really we’re what So tioning. would flow the affiliates with a payment of $0.25 $0.25 of payment with a affiliates the flow would p retransmission consent payments when I was was when I payments consent p retransmission It’s very, very difficult to successfully launch n launch successfully to difficult very very, It’s n significantly over the last decade. I can I can last decade. the over n significantly ’s a whole variety of reasons for that. Getting that. Getting for reasons of variety whole a’s distributor side and the content owner side, no owner side, content the and side distributor taking a very tough position and cable or or cable and position tough verya taking y to compete. So I think we’re significantly less less significantly we’re think So I y compete. to t we’re really heads-down concentrating on right right on concentrating heads-down we’re really t the risk of having channels go off the air. off go of having channels risk the d ABC, CBS and FOX. No network has ever has network No and FOX. CBS ABC, d to the system that’s the NBC Network. Network. NBC that’s the the system to thewith feeling just do to has it A of it. lot out at is going to make a material difference to the to the difference a material to make is going at ynamics traditionally if you go back to I guess to I guess back you go if traditionally ynamics ed to invest in camera crews and on-air talent, talent, on-air and crews camera in to invest ed nts. Currently, we think NBC CPMs are CPMs are NBC we think Currently, nts. in that position, certainly at NBC, in a long, in a at NBC, certainly position, that in of way a as new channels unching ▲ ur televisions stations now getting getting now stations televisions ur that market and try to be as productive as we as productive as to and be try market that Olympics, and hopefully some new shows, some hopefully and Olympics, FOX. There is really no theoretical reason reason theoretical is really no There FOX. to cash pay won’t we listen, saywould h and And I think if we do that in the right way, itway, right the in wedo if that I think And shows. We have a very gifted person in Bob Bob in person have gifted very a shows. We hat NBC doesn’t have. But if we can turn the the weturn can if But have. doesn’t hat NBC
er of other markets. And year after year year And after other markets. of er mber one in LA and a strong number two number a strong and in one LA mber Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. of of ew ew Date t
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corrected transcript Stephen Burke Burke Stephen Cohen Reif Jessica well run. extremely cable, in ten top the in to be Nec and Suits shows, new two do to money the Bonnie wegree And shows. new developing of terms in 1.000 litera They USA. are at on cable shows ten scripted we extremely just is team, and her Hammer Bonnie by inside being now But run.well were cable channels w extremely are channels is the cable news good The company. the of center really the ou performance get better and Telemundo in reinvest th of thewill core be channels cable And channels. the OCF, worthof billion $3.5 it is call now right was the company of foundation is the buying werewe w that deal the we signed when were clear pretty We higher? them but take you do n level? What next the ityou to take how do growt of kind is that long How trends. considerable a year. From this $3 billion of excess in generate i range double-digit low the in we estimate growing Affiliate [ph] networks. cable the to on Let’s move ra so is growing market when that eyeballs Hispanic an better do can’t why Telemundo is no reason there ad strategic the has and well run is and advantages shoul Univision and share 20% have should Telemundo getting retransmission eventually then and ratings opportuni the of version a is Telemundo think But I is there. programming the when on number went to that ago months six about the air good a put when they that such pipes and structure has but money, a little of bit It makes operation. pre-t pre-interest, dollars of millions of hundreds to com necessary dollars investment the had not has i I think which about Telemundo, talk even I didn’t have. we opportunity the biggest amo least the put or discounted have would we which sho successful have some you once obviously changes ab talked that Jessica ecosystem that of out coming ha shows those and syndication, into shows going of is syndicate in broadcast bucket final the then And
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Ticker CMCSA majority of that, 80% – 90%, comes from the cable from 90%, comes – 80% that, of majority ax. And Telemundo is essentially a breakeven a breakeven is essentially Telemundo And ax. stations all over the country, has the network network the has country, the allover stations s see (24:30) that the cable networks have been havebeen networks cable the that (24:30) see s ratings standpoint, the group has been exhibiting exhibiting been has group the standpoint, ratings s another very, very big opportunity. Telemundo Telemundo opportunity. big very very, another s d revenues where five years ago, you had a lot a lot hadyou years ago, where five d revenues dollars to – there is really no reason why no reason is really to – there dollars better to get investing with has NBC that ty h sustainable? From an operations standpoint, standpoint, an operations From h sustainable? n recent years, and the cable channels to to channels cable the years, and recent n e company even when we turn around NBC and and NBC around we turn when even e company eed to do to not just keep the channels going, going, channels the keep not just to to do eed lly have 100 – 1,000 – a batting average of of average batting – a 1,000 – have 100 lly vantage of its relationship with Televisa. But Televisa. with its relationship of vantage the company, it’s a marvel to watch. USA, run USA, watch. to a marvel it’s company, the out at the beginning is diminishing, and that that and is diminishing, beginning at the out show on, and we had a telenovela that went on went that a telenovela we had and on, show pidly and is so attractive. attractive. is so and pidly e and beat Univision consistently, so it works works it so consistently, Univision beat and e ve fallen off. And the number of shows that are are shows that of And number the off. fallen ve ▲ d get something higher than 20% share of of 20% share than higher get something d pete with Univision. And so Univision makes makes Univision so And Univision. withpete hat we were really buying, the real cash that that cash real the buying, we really were hat t of film and theme parks. Cable channels are are Cable channels parks. and theme film of t unt of value on in the near term is probably term near the in on value unt of cable channels. If the combined company company combined the If cable channels. ell run, and we knew that the NBCUniversal NBCUniversal the that we knew and ell run, n-lit – right after we showed up, we gave we gave up, we showed after – n-litright ll run. I think something like seven of the top the top of seven like something run. I think ll
essary Roughness. And they instantly went instantly they And essary Roughness. ws. So I think interestingly, broadcast, broadcast, interestingly, ws. I think So d have 80%. Clearly, Univision has has Univision Clearly, 80%. have d Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. Date ▲ 7
corrected transcript Stephen Burke Burke Stephen Jessica Reif Cohen Cohen Reif Jessica mon the happy as not to month being one elated from Al & with Cowboys were disappointed We Bridesmaids. had a succeeding. of We chance average better than sure to make wewant and money, to make businesses be su trying to was. itWe’re than business tougher the out of taken is that profit of dollars million the studio, individual at each look you if And ago. film the office, box the of decline States, United the of because now right business the film I think pe operating of levels historical to closer Studios 2010. exceeded year already this – exceeded already succes office box greater enjoyed Studios Universal the aud from questions up to it we’ll open and then ask I’ll (28:45). show reality on the A [ph] little is a real there think I But a negotiation. it’s and Syfor USA for paid at what they look they upfront, with havedeals years. five cases We in some years, have exist time. of We a period takes that catch-up h fees affiliate and of advertising in terms growth channel these reasons, of variety a whole for think ch cable about their talks who anybody sure I’m And places. other and MSNBC at opportunity of kind same gro to are going fees affiliate if rate. And faster is g industry in the the if advertising But clearly e they what are words, in other gap; an entitlement it’ side, CPM the and side affiliate on the So both a we believe CPMs And higher. are that ratings fact affiliates s TNT, and TBS atversus USA youlook if reallyhav Golf. We things; exciting is doing think Entertainm E! Syfy; Oxygen; mentioned I haven’t And discourse the political anytime spike their ratings be MSNBC year, really and election a big being 2012 ratings. I th of in terms CNN surpassed It channel. sev six, five, no money, making from gone has MSNBC that’s extremely network based a reality basically Laur by which is run Bravo, to over goyou then And out. shake markets we have time, over that and we should what getting
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system just because of the decline of DVD. So it’s it’s So DVD. of the decline of just because system you one question on film and one on theme parks, parks, theme on and one on film you question one ly, I think, compelling argument that we haven’t be we haven’t that argument compelling ly, I think, ra faster at a grow should USA rate, wat a certain oing to grow at a certain rate, USA should grow at at grow should USA rate, certain at a grow to oing Ticker CMCSA business is tougher today than it was a few years years a few was it than today is tougher business rformance and profit? profit? and rformance e extraordinary assets in our cable business. And And business. our cable in assets extraordinary e up. goes ave lagged, so there should be a catch-up. Now Now catch-up. a be should there so lagged, ave s very difficult to know how you close what wewhat call you close how to know difficult very s big studios probably have a couple hundred hundred a couple have probably studios big decline of DVDs and because of, at least in the at least of, because and DVDs of decline well well run. ink it’s going to have a very big year in 2012, year 2012, in big verya have going to it’s ink y or Bravo last year and that’s where they start start where they year that’s and last y Bravo or s have performed so well and their relative wellrelative their and so performed have s ience, so at least we cover all your divisions. your divisions. all we cover least at so ience, pportive but also very clear that we’re in these in these we’re that very clear also but pportive ing deals with distributors that go out for many for go out that with distributors deals ing performance. ratings their on based to ntitled ee us about 60% of TBS and TNT despite the TNT and TBS of 60% about us ee re at a discount to TNT and TBS. to TNT discount at a re en Zalaznick, and it’s the same thing. Bravo is is Bravo thing. same the and it’s Zalaznick, en s this year than last year. I think your has gross year. I think last thisyear s than the ability to outperform wherever those wherever those outperform to ability the annels says I’m undercompensated. But I do I do But undercompensated. I’m says annels advertising agencies. When we go into the the into we go agencies. When advertising ▲ ing The Place for Politics. And you see can And Politics. for Place The ing ent; the Comcast SportsNet; Versus, which I which Versus, SportsNet; Comcast ent; the What steps are you taking to drive Universal Universal drive to you taking are steps What couple great films in Fast Five and and in Five Fast films great couple th after. th after.
en, eight years ago to be a very profitable a profitable very be to years ago eight en, iens and with The Change-Up. So yougo So Change-Up. with The and iens that we’re green-lighting films that have a that have films green-lighting we’re that Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. a te; en Date a
▲ 8
corrected transcript Stephen Burke Burke Stephen Cohen Reif Jessica business. that on we’re bullish but things, be ad to you’regoing if intensity is capital there the combine of EBITDA the of it a fifth call about, ar businesses those of both and dollars, investment general, In have. should it dollars investment the in the business, of areas with as other I do think, about good wereally feel and flow, cash operating 100 own wenow well. So as enthusiastic verywas GE Studios Universal of 50% the out buy to attractive tab the on put that they price is the news good The and in door the walked just literally and Electric closed deal the after right was it because decision interes 50% their of out be bought and else someone on the number a to put right their exercised andus that seeing after that, months six of middle In the continued. has that year and than a more open lapped now June. last We’ve weopened is news good profitabilit the and attendance – the profitability 50 and 40% werewe seeing and out came Potter Harry d you’re and out attraction you a new put Normally, years. four Disn at was when I And in career. my seen I’ve ever is p in Orlando Potter Harry And Orlando. in Potter up rig show to wehappened is Universal thing about h way, the by And business. film the youwith do do the and first channels cable at the looked list. We p the theme for NBCUniversal go after not we did So pic bigger is the what – you next the use would how neeyou do of investments kind What is sustainable. guess I California. in Kong King and opened Potter success you’ve nominal had parks, theme on then And not it’s that open eyes totally also but our odds, that of aware we’re totally and now, right business gets company entire the that sure want to make you is a you know that getyou one when And then make. I think alternatives, many are so there where world mo making we’re that sure make I want to ecosystem. things those to see want and market the enter DVDs elect and changes model the as video-on-demand time thin platform of number a there are do like feel We
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Ticker y of Universal Orlando, and that has continued. The continued. has that and Orlando, Universal yof CMCSA ding new attractions and adding hotels and new new and hotels adding and attractions new ding Blackstone said okay, now here’s the time. time. the here’s now okay, said Blackstone an easy time. time. easy an general Universal Studios Florida has not gotten gotten not has Florida Studios Universal general , Blackstone right after we closed the deal came to came deal the we closed after right Blackstone , d company. It’s a very stable business. Obviously, Obviously, business. stable very It’s a d company. Universal Studios Hollywood has not gotten the the not gotten has Hollywood Studios Universal what business, with broadcast you the do what n and we had just funded the deal with General with General deal the funded just we had and Florida that we did not own. We went to GE, and and went to GE, own. not wedid We that Florida improve weto can whatever do to trying . We’re gs that Comcast Cable can be helpful with over helpful be Cable can Comcast that gs robably the biggest new attraction certainly than than certainly attraction new biggest the robably table and either be bought out by us or go to go or us byout bought be either and table you have to be very careful with the movies you movies the with careful very you be have to le was a price that we thought was very very was we thought that a price was le doing that. that. doing elighted if you get a 5% bump in attendance. in attendance. 5% bump you a get if elighted ere is some theme park assets. The fascinating fascinating assets. The park theme is some ere the question is do you think that kind of growth growth of kind that you think is do question the e doing extremely well right now. It would be be would It now. well right extremely e doing ture for theme parks? parks? theme for ture ey, I worked in the theme park business for for business park theme the in worked I ey, And parks? the in growth drive to continue d to ht at the time Universal was opening Harry Harry was opening Universal time at the ht behind it and promotes it. So it’s not an easy an easy not it’s it. So it promotes and behind arks, and it was probably the last thing on our on last thing the was probably and it arks, ▲ t in Universal Studios. And it was a tough a tough was it And Studios. Universal in t overall the of health the for happen big hit like Despicable Me or like Fast Five, Five, Fast like Me or Despicable like hit big vies that have international appeal. But in a inBut appeal. international vies have that % and we’re now consolidating that that consolidating now we’re and% in the past year and a quarter since Harry Harry since yeara quarter and past in the ourselves. And so Harry Potter has been been has Potter Harry And so ourselves.
ronic sell-through and lockers for virtual for lockers and sell-through ronic % bumps, just a gigantic sea change in thein change sea a gigantic just bumps, % Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. Date
▲ 9
corrected transcript Jessica Reif Cohen Cohen Reif Jessica t from questions any there if see first let’s Okay, opportunity. is real there invest we think, And it. of 100% own wenow that delighted t build to able be should and we parks in theme the out this sprin comes which Lorax, The Illumination, with out Desp we come when so And Meledandri. Chris with Illum the fits that business think we also And
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Ticker CMCSA he audience. There’s one here. here. one There’s he audience. ination business, the animation business run by run business animation the ination business, g, those shows and those characters should live live should characters those and shows g, those hat business over time. So we’re actually actually we’re So time. over business hat as with the other parts of the business, if we if business, the of parts other with the as ▲
icable Me or Hop or the next movie from from movie next the or Hopor Me icable Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch ▲
Sep. 14, 2011 14, Sep. Date ▲ 10
corrected transcript QUESTION ANDANSWERSECTION QUESTION Thank you, Jessica. Steve, I’d be interested in you in interested be I’d Steve, you, Jessica. Thank www.CallStreet.com • 1-877-FACTSET • • 1-877-FACTSET • www.CallStreet.com ComcastCorp. I think there is an element of what you’re saying t you’re saying what of element there is an think I Company ▲ rom now or ten years from now, those fantastic cabl fantastic now, those years from now ten or rom Ticker he cable what cable did to broadcast. And I think I think And broadcast. to did what cable cable he CMCSA are created equal; that you don’t want to be – if – if be want to you don’t that equal; are created et and streaming distribution of content affect cab affect content of distribution streaming and et that businesses of bunch whole a got you’ve then d oad. And we have some cable channels right now now right cable channels we have some And oad. ct of the matter is cable has been competing with competing been has is cable matter the of ct ailability of content, shows are not repeating on on repeating not are shows content, of ailability akes it more difficult to aggregate your audience. audience. your aggregate difficult it to more akes do it in a way that doesn’t greatly reduce revenue reduce greatly doesn’t that way a in it do You kid yourself a little bit when you expand your expand you when bit little yourself a kid You s going to spend what they want to spend on TBS TBS on spend to want they what to spend going s ood dual revenue stream and still being the best best the being and still stream revenue dual ood rt this morning, the opportunity with TV production with TV opportunity the morning, this rt that is a balance and a challenge that exists. exists. that a challenge and a balance is that e in the top quartile, that’s a pretty good place t place good pretty a that’s quartile, top the e in So uncompetitive. are nets cable ional high. So could you please argue it, the other other the it, argue you please could So high. now, those won’t keep being the best part of the of part best the being keep won’t now, those don’t want to be in the bottom quartile. That’s not That’s quartile. bottom the in be want to don’t dows, which leads to audience segmentation, segmentation, audience to leads which dows, ve some, that have higher commercial loads loads commercial higher that have some, ve hat you’re actually increasing your revenue. But your revenue. increasing actually you’re hat be would distribution cable and channels able mming cost needs to go up; that advertising advertising that up; go needs to cost mming businesses are so attractive, I find it hard to hard it find I attractive, are so businesses on programming money more are spending els u had to rank the best part of the media the media of part the best rank had to u your channel. So if you increase the load, you load, the you increase if So your channel. r 20%, are you really increasing much? I much? increasing you really 20%, are r ▲ isers are going to spend what they spend and spend they what to spend are going isers re of cable channels, the profitability of the big of profitability the cable channels, of re is points too high and multiples that the Street Street the that multiples and high too points is mand and in lot of homes, 80 million homes, homes, 80 million homes, of and lot in mand ragmentation? What you could argue is that is that youargue could ragmentation? What t repeating the way they were just a year or a just were way they the repeating t osystem is still around and still profitable. But But profitable. still and around is still osystem r opinions on the long-term opportunities long-term on the opinions r Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications Event Type Lynch Media, Media, Lynch hat’s true. The fact of the of fact The true. hat’s ▲ Sep. 14, 2011 14, Sep. le o o Date e . . ▲ 11 corrected transcript distribute. you that ana sure and make ecosystems those each of you’veto b got And I think economics. of ecosystem places and other NBC.com, Hulu, Internet: the it on then And Internet. the or VOD, itDVR, on a consume th of – 40% 30% and DVR, linear, Office The consume wher and consumption at television look to have you beli big we’re I think your question, answer But to de the consent of portion that of period the during I thin So day. at one we stay day, stay at one them we days, eight to a window one-day from go ABC and with doABC and FOX whatever – do to we’re required we Hulu, of in case example, the for room, running have we way the Internet on the product distribute b that decree a consent we signed in that companies of do, first to us see to going you’re what I think out put or app iPad the on it we put and it, add to the took app. We with iPad the went out new content Burke>: Stephen : Cohen>: Reif Jessica I genuinely apologize for an off-topic short term h term short an off-topic for apologize genuinely I As you think of your NBC app for the iPad, does tha does iPad, the your for NBC app of you think As www.CallStreet.com • 1-877-FACTSET • • 1-877-FACTSET • www.CallStreet.com ComcastCorp. I think first of all what we did with the iPad app, with the did allwe of what first think I Co and cable companies, most for quarter second The We’ll take one last question. question. last one take We’ll Company ▲ here. I was with Brian last night and Mike Angelaki Mike and last night Brian with was I here. Ticker CMCSA all we’re in a slightly different situation than o than situation different a slightly in we’re all dit achieved (39:15)? We’re all trying to get a gri a get to all trying (39:15)? We’re achieved dit an app for the iPad. the for an app business. a great still that’s like feeling ll to school, the went back kids as enough, sure And evers in TV Everywhere. We’re big believers that that believers big Everywhere. inWe’re TV evers le business has done worse. And then the third third the then And worse. done has business le cree that we signed when we did NBCUniversal. NBCUniversal. we did when we signed that cree hen you’re continuing the trends of the second the second of trends the you’re continuing hen very once in a while, a cable company gets in a in gets company while, a cable in a once very quarter second is that fact The it (39:00). on k we’ve got – we’re in a slightly unique situation situation unique awe’re slightly in – we’ve got k historically. So our degrees of freedom and freedom of degrees our So historically. ember. I don’t remember the first year that I was yearwas I that the first remember I don’t ember. aid this happens every year. You’ve just got to got to just You’ve year. every this happens aid units and ARPU and new products and old old and products new and ARPU and units . And each one of those places has a different a has different places those of one each . And vote, and a have don’t Hulu. 30% of We own ct to, some of what was normal seasonality seasonality whatnormal was of some to, ct underlying strength of Comcast Cable and the the and Cable Comcast of strength underlying e very thoughtful and careful how you look at look you how and careful thoughtful very e e you’re really getting paid. People can can People paid. getting you’re really e at matter, the entire cable sector in a notable notable in a sector the cable entire matter, at ide myself. And I called up one of the guys guys the of up one I called And myself. ide existing content that’s on NBC.com. We didn’t We on NBC.com. that’s existing content the right making They’re investments. right he ▲ asically said we’re going to continue to to continue going we’re said asically Cable is in that zone, and I wouldn’t overreact. overreact. wouldn’t I and zone, in that is Cable some you seen have or around, turned ings there are various different ways in consuming consuming ways in different various are there can then go to eight days. But if either one of of one either if But days. eight to go then can Hulu, we have to do with Hulu. So if FOX FOX if So with Hulu. to do we have Hulu, e homes in America have DVRs. They can can They DVRs. have in America e homes ere, but can we discuss the actual core core actual the we discuss can ere, but lyze them fully as you have a strategy to a strategy have you as fully them lyze t inhibit your ability to charge for for to yourcharge ability inhibit t Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank Communications and and Communications which got a lot of press, no press, of a lot got which Event Type Lynch Media, Media, Lynch mcast is no is no mcast ▲ Sep. 14, 2011 14, Sep. ther ther s s p Date ▲ 12 corrected transcript Stephen Burke Burke Stephen Cohen Reif Jessica Copyright t All mentionedtrademarks other LLC. are CallStreet, are report this of appearance and contents The UNDERSUCHPOSSIBILITY CON ARISING IN LOSSES, OR OF OTHER OR USE,MALFUNCTION, DATA COMPUTEROR FAILURE DAMA LIMITATION PUNITIVEINCLUDING DAMAGES, WITHOUT LICENSOR ASSOCIATES, BUSINESS AFFILIATES, AP PARTNERS, BY PERMITTED EXTENT MAXIMUM THE TO INFRINGEMENT. ANY LIMITATION IMPLIED INCLUDING WITHOUT WARRANTIES de investment of basis primary the as used be to intended g or endorse here provided information any of warrant, use the with, associated not do we such, As data. available t believe we sources on based is herein information The Disclaimer N IS IESR, UIES SOITS N SUPPLIER AND ASSOCIATES BUSINESS LICENSORS, ITS AND PROVID IS HEREUNDER YOU TO PROVIDED INFORMATION THE securities herein. the of discussed any Ca FactSet of beliefs or opinions the represent not do in Any illegal. be would solicitation or offer an such not is and purposes, forinformation solely published you. Thank unf we have, time all the that’s you much, so Thank our hit we distribute how through thinks carefully p to be like wecertainly would and now, thoughtful quic as out everything get to got we’ve people said th I think now. right business thein company media is go thinking of this kind think way, I the byAnd down. breaks just model whole the fe affiliate or advertising through either get paid ou go our product and wewindow how with thoughtful as robust as be to Everywhere want TV possible. We that mea of some And thatcontinues. sure that make busine distribution pay a strong without having are sub have cable still that sure people make to Cable at Comc looking even not to NBCUniversal, important V the which includes experience, viewing television t ais feelingus from you’ll see one thing I think www.CallStreet.com • 1-877-FACTSET • • 1-877-FACTSET • www.CallStreet.com ComcastCorp. formation expressed herein on this date is subject to chan to subject is date this on herein expressed formation Company to be construed as financial or other advice or as an offe an as or advice other or financial as construedbe to rademarks their respective rademarks of All companies. rights reserved llStreet, LLC. FactSet CallStreet, LLC, or one or mo or one or LLC, CallStreet, FactSet LLC. llStreet, under, including any reliance on the accuracy, completene accuracy, the on reliance any including under, o be reliable but is not guaranteed by us and does not not does and us by guaranteed not is but reliable be o cisions. It should not be construed as advice designed to designed advice as construed be not should It cisions. d ate ClSre, L 21. altet n FactS and CallStreet 2011. 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Otherwise, Otherwise, consent. retransmission through or es ing on in a very productive way at every well run well every way at productive very in ona ing shows. shows. ss, and we want to do everything we can to weto can everything do want to we and ss, ut in that category of a company that really really that a company of category that in ut kly as we can. And I think people are much more more are much people I think And we can. as kly OD very attractive, is important. And it’s it’s And is important. attractive, very OD scriptions, but we are not the company that we that company the we are not but scriptions, ere was a time two or three years ago when when ago years two three or a time was ere ortunately. ortunately. ▲ ns that we want VOD to be as robust as as robust be as to want VOD we thatns ast Cable. It’s obviously important to Comcast Comcast to important obviously It’s Cable. ast possible. And mainly we want to be very very be want to we mainly And possible. t into the world because ultimately we need to to weneed ultimately world because the into t Entertainment ConferenceEntertainment Copyright © 2001-2011 CallStreet CallStreet 2001-2011 © Copyright Bank of America Merrill Merrill America of Bank re of its employees, including the writer of this repor this of writer the including employees, its of re Communications and and Communications r to sell or the solicitation of an offer to buy an buyto offer of an solicitation the orsell to r ge without notice. Any opinions or assertions contained in contained assertions or opinions Any notice. without ge . . purport to be a complete or error-free statement or or statement error-free or complete a be to purport meet the particular investment needs of any investor. Thi investor. any of needs investment particular the meet ss, safety or usefulness of such information. This informatio This information. such of usefulness or safety ss, t altet LC r taeak ad evc mrs f Fact of marks service and trademarks are LLC CallStreet, et Event Type Lynch Media, Media, Lynch ss of the information. You must evaluate, and bear all all bear and evaluate, must You information. the of ss OTHER SUBJECTOTHER HEREOF. MATTER SE, ACCURACY, COMPLETENESS, ANDSE,NON- ACCURACY, COMPLETENESS, OPPAGE, SECURITY BREACHES, VIRUSES,BREACHES, SECURITYOPPAGE, DNA, PCA, OSQETA OR CONSEQUENTIAL SPECIAL, IDENTAL, NY OF SUCH PARTIES IS ADVISED OF THE THE ADVISEDOF IS PARTIES SUCH NYOF APPLICABLE LAW, FactSet CallStreet, LLC CallStreet, FactSet LAW, APPLICABLE ▲ S FIES MMES DIRECTORS, MEMBERS, OFFICERS, TS EXPRESS, IMPLIED AND STATUTORY, STATUTORY, AND IMPLIED EXPRESS, Sep. 14, 2011 14, Sep. y security in any state wherestate any security in y t, may have a position in position a have may t, Date this information this summary of the of summary ▲ 13 s report is report s n is not is n risks Set : Steve (38:50)? [ph] load, but the to shrink trying actively we’re where l a greater for room there is think don’t certainly o 10% load the you increase if And Bravo. or USA or i advertiser an that counterbalance is a real there t think You may while. a for that with away get may with spend want to they what to spend going they’re advert big our a degree, to because load commercial interesting. It’s be. should then or broadcast than we ha and channels, cable there are certain I think business. the media part of g very a getting still is, and number that whatever de great and are lumpy brands content cable brands, years f five that believe to it hard I find Andbe. to b you happen be. If to place a great be going to you channels, cable distributed well 100 there are channels all cable not is that our feeling I think Sure. channels? Intern the to related things other and will Netflix ec broadcast the years and many many, for broadcast theBut fa true. that that’s of element is an there t will do distribution alternative and the Internet f from challenges face model channel cable the Does worse. are An that. say certainly would I or top, at the right c business, the media of worst part to the business yo if say would people most I think business. media years from now ten or years from five believe that those and great is so channels cable 30 top top 20, natu stream revenue dual the said, been having That And years ago. fiveor year twoor a did they than chann well run cable strong, big, So most, two ago. no are Shows channels. cable well run and broadcast av the or the ubiquity and Netflix is due to matter Burke>: Stephen
: Stephen :