SG Cowen downgrades broadcasters.(Advertising)
Multichannel News, November, 2003 by Donohue, Steve
Warning investors about the threats that digital video recorders pose to the media industry--and advertising revenue--SG Cowen downgraded its ratings on several broadcasters last week. SG Cowen, which lowered its ratings on Tribune Co., Univision Communications, Hearst-Argyle Television Inc.
and Gannett Co. from "outperform" to "market perform," is the first Wall Street firm to ever downgrade a media company based on the threat of DVRs. Some analysts have downplayed the threat of DVRs--which are being rapidly deployed by several cable and satellite providers--noting sluggish sales of standalone devices from TiVo Corp. and SonicBlue Inc.'s Replay TV. But SG Cowen says the rollout of cable and satellite set-tops that contain DVRs--coupled with the...
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