Mr. Marangi: I run our digital research group. Specifically, I cover cable, satellite and the entertainment companies. Some of the companies include Disney, Time Warner, Viacom, News Corp, CBS Corp. (CBS), and then all the cable and satellite companies around the world.
TWST: In general, what is the status of the entertainment sector?
Mr. Marangi: All media companies are being affected by both cyclical and secular dynamics. On the cyclical side, there has been a severe reduction in advertising across all media and continued pressure on consumers' pocket books, which has contributed to a decline in home entertainment purchases.
TWST: And what is the secular side?
Mr. Marangi: The secular issues in entertainment include changing patterns of consumption of entertainment, i.e., more consumers getting their news and entertainment through the Internet, through mobile applications versus traditional television, radio and newspapers.
Tickers included in this excerpt: AOL, CMCSA, CRWN, CVC, DIS, DISCA, DTV, GE, LMDIA, MVL, NWSA, OUTD, SNI, T, TWC, TWX, VIA, VZ
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