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Winners and losers in media stocks when interest rates rise

Bernstein Research's Todd Juenger has an interesting take on the media industry as he warns that the buyback binge could end for large companies after an eventual increase in interest rates makes the well-worn strategy more expensive.

He divides media favorites into two camps - the "Organic Growers" (DISCA, FOXA, DIS, AMCX) and "Buybackers" (VIAB, CBS, TWX) - saying the former group should fare better with their earnings model still vibrant.

3-year share count reduction scorecard: Viacom -21%, Time Warner -17%, Discovery Communications -16%, Scripps Interactive -12%, CBS -11%, Disney -6%.

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