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Monday, January 05, 2009

A Happy New Year to you all. Made any resolutions? Peter Preston of the BBC thinks that the only doubt about the economy this year is whether this will a bad recession or something much worse - at least thats what he said on the Today Programme this morning.

That sound like a good planning assumption to me.

Thanks to all of you who mailed over the holidays with thoughts and suggestions for what we might cover in the year to come. I'll try and take it all in to account as the story unfolds.

Meanwhile, lets all be safe out there.

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At 10:03 am, Anonymous Anonymous said...

and maybe this year will not be too bad... from

Deutsche Bank upgraded the European media sector to "neutral" from "underweight" as it sees more attractive value emerging in the sector.

But the brokerage, which had been "underweight" on the sector since October 2007, said a slowdown in advertising was "still too near the beginning" to believe the rate of change in decline is close to improving. Advertising accounts for more than half of the sector's revenues, Deutsche Bank said.

The high dividend yield from media, Europe's fourth-most levered sector, could also prove illusory if dysfunctional credit markets mean debt refinancing is either unavailable or punitively expensive, Deutsche Bank said.

The brokerage, however, said professional publishers remain a relative safe haven, and raised Anglo-Dutch publisher Reed Elsevier Plc to "buy."

Deutsche Bank said its top picks in the sector are Reed Elseiver, Italy's Mediaset SpA, United Business Media and Vivendi based on attractive yield characteristics, margins, market leadership and no balance sheet issues.

Following are the rating changes the brokerage made on various companies in the sector:
Company Rating
Current Prior
Mediaset Buy Sell
Reed Elsevier Buy Hold
ProSiebenSat1 Media Hold Sell
Wolters Kluwer Hold Buy
MTG Hold Buy
GfK AG Hold Buy


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