Consumer >> Sector Roundtables >> October 9, 2000

Roundtable Forum: Media: Radio & Television

VICTOR B. MILLER, IV is a Managing Director with Bear, Stearns & Company, Inc. Previously, he was associated with Chase Manhattan Bank, where he served in the Media and Telecommunications Group. Mr. Miller holds a Bachelor's degree in Finance from Georgetown University and an MBA from Columbia University. In his leisure, he enjoys record collecting, collecting Fleischer animation, and golf. Profile
LELAND WESTERFIELD joined Harris Nesbitt Corp. in March 2004 as a senior equity analyst, researching broadcasting and publishing companies. He has been involved in the media industry for over a decade, first within the industry at Time Warner, and later in career through financial analysis within the securities industry. Widely recognized, Mr. Westerfield has been named among the 'Best on the Street' by the Wall Street Journal in both 2002 and 2003. Institutional clients have repeatedly rated him among the top 10 analysts surveyed by Institutional Investor in both the broadcasting and the publishing sectors. Previously, Mr. Westerfield served as an analyst at UBS and its predecessor PaineWebber for eight years, covering the US broadcasting and publishing industries; more recently, he headed media and entertainment research at Jefferies. Prior experiences were with Veronis, Suhler & Associates, a media investment boutique firm, where he researched the broadcasting, cable television, entertainment software, and online service industries; and Hambrecht & Quist, as an investment banking associate in the new media and technology group. Prior to 1993, Mr. Westerfield worked within the media industry directly at Time Warner on the cable network development team directed by Robert Pittman, which created Court TV, the cable network that provides live courtroom trial coverage. Mr. Westerfield earned his Bachelor of Arts degree from Yale University. He received his MBA from Columbia Business School, concentrating graduate study in both Finance and Media and Communications management. Profile
JAMES M. MARSH, JR. is Managing Director/Senior Broadcasting Analyst for Prudential Securities. He was previously associated with UBS Securities, Kidder, Peabody & Co., KPMG, and Barnes, Wending, Cook. He was ranked second stock picker in publishing in The Wall Street Journal's Best on The Street Analyst Survey and third ranked media and entertainment analyst by corporations in Reuter's US Mid to Smaller Company Survey. Mr. Marsh received a BS/BA in Accounting from John Carroll University and an MBA in Finance and International Business from New York University's Stern School of Business. Profile
TWST: Jim, begin, if you would, by defining the universe of companies

considered under the category of radio and television stocks.

Mr. Marsh: I would say that the bigger cap names in the