Report
Neil Macker
EUR 147.86 For Business Accounts Only

Time Warner Posts Strong Third Quarter; All Eyes Remain on AT&T Merger

Time Warner reported third-quarter results ahead of expectations on strong affiliate fee growth and studio performance. As a result of the beat, management raised 2016 guidance slightly. We are maintaining our wide moat rating and our $96 fair value estimate, which is based on our expectation that the deal with AT&T is more likely to be completed than dissolved. If the deal were to be terminated, our stand-alone fair value estimate for the firm would remain at $85.
Revenue at Turner increase...
Underlying
Time Warner Inc.

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.

Provider
Morningstar
Morningstar

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.

We have operations in 27 countries.

Analysts
Neil Macker

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