We're headed into a slew of earnings this week from media giants—on both the content and distribution side. Whether we're talking about content creators like News Corp and Time Warner or kings of distribution like Comcast and Time Warner Cable, there are a couple key themes that will impact the whole industry.
Here's what to watch as earnings reports roll out this week and next.
Discovery Communications reports Tuesday after the bell. Wednesday we'll hear from Comcast, Time Warner and AOL before the bell, and News Corp after the market closes. On Thursday DirecTV, IAC, Scripps Networks Interactive and CBS report.
Some media giants are more exposed to the advertising market than others -- at one extreme, CBS generates about two thirds of its revenue from ads -- but they all are impacted by the ad market. Wall Street will be closely watching to see whether advertising holds up despite volatile financial markets. Plus, there are some tough comparisons to last year's ad-rich mid-term campaign season. On the upside, Upfront ad sales for the fall TV season were particularly strong. On the downside, ratings have been fairly weak, which should hurt pricing in the last-minute or 'scatter' market.
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