AT&T Deal Remains Positive for Time Warner Investors; Lowering Fair Value Estimate to $96
After reviewing management’s joint rationale regarding the recently announced purchase of Time Warner by AT&T and the details of the merger, we remain convinced that the deal is positive for Time Warner shareholders. However, our confidence about the deal passing regulatory muster has declined slightly as politicians from both sides of the aisle press for a high level of scrutiny and in certain cases, outright rejection. We are also somewhat more uncertain on the deal closing by the end of 2...Time Warner is a media and entertainment company. The company classifies its businesses into three reportable segments: Turner, consisting principally of cable networks and digital media properties operating more than 175 channels globally; Home Box Office, consisting premium pay television and OTT services domestically and premium pay, basic tier television and OTT services internationally, as well as home entertainment and content licensing; and Warner Bros., consisting principally of television, feature film, home video and videogame production and distribution. The company also holds interests in companies that operate broadcast networks.
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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