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Media, Entertainment, and Communications Stocks Still Leading the Market Rally

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Easy monetary policy in the US and Europe and confirmation of mostly good fundamental business trends leave investors bullish.

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One thing that has not changed is the very shareholder-friendly management of balance sheets and cash flows. Almost every management team across the entertainment, media, and communications landscape reiterated their commitment to returning cash to shareholders as dividends and share repurchases. Accompanying this talk was disciplined discussion of acquisition strategies.

Investors will always worry about the industry-specific risks – advertising, cord cutting, price competition, and capital spending trends. At the moment, however, shareholder-friendly capital allocation is at least as important to the bull case. Entering another quarterly earnings season, the seasonally important fourth quarter, and the presidential election, the bulls are in charge. For good reason.

This column was previously published by SNL Kagan on www.snl.com.
No positions in stocks mentioned.
Entermedia is a long/short equity hedge fund focused on media, communic= ations, and related technologies. Steve Birenberg is co-portfolio manager o= f Entermedia, owns a stake in the Funds' investment management compan= y, and has personal monies invested in the Funds. CBS and Discovery Communi= cations are widely held by Northlake Capital Management, LLC, including in = Steve Birenberg's personal accounts. Steve is sole proprietor of Nort= hlake, a long only registered investment advisor.

The information on this website solely reflects the analysis of or opin= ion about the performance of securities and financial markets by the writer= s whose articles appear on the site. The views expressed by the writers are= not necessarily the views of Minyanville Media, Inc. or members of its man= agement. Nothing contained on the website is intended to constitute a recom= mendation or advice addressed to an individual investor or category of inve= stors to purchase, sell or hold any security, or to take any action with re= spect to the prospective movement of the securities markets or to solicit t= he purchase or sale of any security. Any investment decisions must be made = by the reader either individually or in consultation with his or her invest= ment professional. Minyanville writers and staff may trade or hold position= s in securities that are discussed in articles appearing on the website. Wr= iters of articles are required to disclose whether they have a position in = any stock or fund discussed in an article, but are not permitted to disclos= e the size or direction of the position. Nothing on this website is intende= d to solicit business of any kind for a writer's business or fund. Miny= anville management and staff as well as contributing writers will not respo= nd to emails or other communications requesting investment advice.

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