Media Reform at Full Tilt; Now for the Circus
As flagged in our report "Gambling on Licence Fee Cuts for Free-to-Air Broadcasters," published on May 2, the Federal government plans to abolish television licence fees and curb betting advertisements on television screens. The net impact is positive for free-to-air broadcasters, as we estimate fiscal 2018 EBITDA uplift of 10% for Nine Network, 8% for Seven West Media, and a three-fold-plus increase for Ten Network given the marginal estimated profit.However, we are maintaining our fair value ...
Ten Network Holdings is an Australian entertainment and news content company. Co.'s principal activity is the investment in The Ten Group Pty Limited and controlled entities, whose principal activities are the operation of commmercial television licenses in Sydney, Melbourne, Brisbane, Adelaide and Perth, and a national online media platform.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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