EUR 8824.00 For Business Accounts Only

NAB Preview: Policy to Drive Media Reshuffle

We acknowledge that most investors today are either searching for the playbook for the trade war end game (there isn’t one) or taking Buffet’s advice and reading Kipling’s “If.” But there will continue to be other events that will affect stocks. As we have discussed many times, while all sectors are impacted by Trump’s policies, the sector we follow most likely to be materially affected by non-tariff, tax, and immigration policies will be broadcast television. Further, those policies will have collateral consequences for others, including cable and telco multi-channel video program distributors (MVPDs), equipment manufacturers, wireless companies, and others. Next week, the National Association of Broadcasters (NAB) will hold its annual meeting in Las Vegas. Traditionally, this is a show where policy makers and industry leaders discuss the policy issues on the table and their impact on the business. In this note, we discuss ten questions that, if answered, will provide a map for how the policies and affected businesses will interact and drive large changes over the next 24 months.