Thu, Aug. 6, 1:01 PM
- Disney (NYSE:DIS) is down another 5.2% today (down 13.7% in two days) amid a deepening media stock sell-off that it seems to have spurred with its Tuesday earnings report, where it took a fair chunk of time on an analyst call acknowledging subscriber losses at ESPN.
- Also off broadly at midday: CBS -3.1%; CMCSA -4%; FOXA -9.8%; VIAB -15.6%; TWX -5%; AMCX -9.6%; LGF -6.7%.
- The sell-off is affecting several companies with a cable or pay-TV component, as sub losses at ESPN -- the most valuable part of any cable bundle -- point to the effect of cord-cutting.
- Analysts are agreeing that the trend of unbundling (or skinny bundling) might threaten the long-term health of the pay TV ecosystem, which has profited from the promise of rising subscription fees from providers. That's dependent on subscriber counts that don't significantly drop off.
- A growing pile of reports this week is indicating warning signs for subscriber counts. Dish Network (DISH -2.2%) had "almost certainly the worst quarter" for satellite subscriber losses, analyst Craig Moffett noted, as it merged Sling TV subscriber growth into its overall count, masking the core number. Moffett estimates Dish lost 151K satellite TV customers in Q2.
- Subscriber losses mean lower affiliate fees. Disney said in its call "we now expect domestic cable affiliate revenue [growth] to fall short of previous expectation, but still in high single digits."
- Other industry decliners: CRWN -8.9%; QVCA -5.4%; STRZA -6.1%
- Previously: Disney tumbles 8.9% after revenue miss; Iger talks ESPN again (Aug. 05 2015)
- Previously: Disney's Iger bullish on ESPN despite consumer changes, unbundling (Aug. 04 2015)
Mon, Aug. 3, 9:51 AM
- Crown Media (NASDAQ:CRWN) is up 3.8% after its Q2 results where it grew EPS 50% Y/Y on a 16% revenue gain paced by strong ratings-based advertising growth.
- Adjusted EBITDA grew 26% to $46.7M. Cash from operating activities was $33.7M vs. a year-ago $32.4M.
- Revenue by segment: Advertising, $88.9M (up 18.5%); Subscriber fees, $20.6M (down 1.8%; revenue dropped from one distributor); Advertising by Hallmark Cards, $500K (down 42.5%); Other, $3.32M (up 482%, due to licensing revenue from original scripted series).
- Conference call to come at 11 a.m. ET.
- Press Release
Fri, May 1, 9:10 AM
- Hallmark-brand pay TV provider Crown Media Holdings (NASDAQ:CRWN) is up 5.6% premarket after a second straight quarter of double-digit ad revenue growth led it to an $18.5M profit for Q1, up 54% Y/Y.
- Adjusted EBITDA was $40.3M, compared to a prior-year $31M.
- Revenue breakout: Advertising, $78.4M (up 14.4%); Advertising by Hallmark Cards, $759M (down 11.2%); Subscriber fees, $20.9M (down 0.6%); Other, $479K (up 71%).
- Conference call at 11 a.m. ET.
- Press release
Fri, Feb. 20, 10:54 AM
- Crown Media Holdings (NASDAQ:CRWN) has given back some gains after its Q4 earnings report, but is still up significantly, +3.7%.
- The Hallmark cable operator posted heavy gains in ad revenue along with programming costs that went against the tide, declining 6%.
- A rebranded Hallmark Movies & Mysteries channel drew higher ratings alongside a price increase to boost ad revenues.
- Revenue breakdown: Advertising (including by Hallmark Cards), $111.1M (up 14.2%); subscriber fees, $20.3M (down 1.4%); other revenue of $2.9M (up 408%).
- Non-affiliate programming cost slipped to $32.7M from $35.2M, and the company wrote off $2.5M in programming.
- Press release
Apr. 11, 2014, 5:37 PM
Aug. 23, 2013, 5:30 PM
Jul. 11, 2013, 5:30 PM
Jun. 25, 2013, 12:45 PM
CRWN vs. ETF Alternatives
Crown Media Holdings Inc owns and operates pay television networks for families through its channels: Hallmark and Hallmark Movies and Mysteries. It features series such as Golden Girls, The Middle, Frasier and Home and Family.
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