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4-Traders Homepage  >  Equities  >  Nyse  >  Time Warner Inc    TWX

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Analyzing the Concentration of US Media Ownership

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01/17/2017 | 11:15am CET

Time Warner (TWX) has high-quality content assets, and AT&T (T) has extensive customer relationships across the wireless, video, and fixed broadband platforms. An AT&TTime Warner deal would create a vertically integrated company with best-in-class assets in terms of content and distribution, which could grow AT&Ts long-term earnings.

With AT&Ts acquisition of Time Warner likely to close before the end of 2017, lets take a closer look at the valuations of some media behemoths. AT&T could follow the lead of Comcast (CMCSA), the company that owns NBCUniversal.

AT&T to acquire Time Warner

Earlier in October 2016, AT&T announced that it would acquire Time Warner for $107.50 per share, composed of $53.75 per share in cash and $53.75 per share in AT&T stock. The stock portion is subject to a collar. The purchase price implies a total equity value of $85.4 billion and a total transaction value of $108.7 billion, including Time Warners net debt. The price represents ~12.0x analysts estimated adjusted EBITDA (earnings before interest, tax, depreciation, and amortization) for Time Warner in 2017.

The agreed purchase price was at a 36% premium to the pre-takeover news trading price. The cash portion will be financed with cash on hand and new debt, with AT&T receiving an 18-month, $40 billion commitment for an unsecured bridge term facility.

The competition in the wireless and media spaces is growing. For this reason, Verizon (VZ) may look to acquire other assets beyond AOL-Yahoo, while Comcast/Charter (CHTR) could look more closely at a wireless strategy. This could position T-Mobile (TMUS), Sprint (S), and Dish (DISH) as attractive takeover options.

(c) 2017 Muscat Media Group Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2016 29 114 M
EBIT 2016 7 552 M
Net income 2016 4 527 M
Debt 2016 20 094 M
Yield 2016 1,69%
P/E ratio 2016 16,58
P/E ratio 2017 15,94
EV / Sales 2016 3,18x
EV / Sales 2017 2,97x
Capitalization 72 594 M
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Mean consensus OUTPERFORM
Number of Analysts 34
Average target price 103 $
Spread / Average Target 9,7%
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NameTitle
Jeff L. Bewkes Chairman & Chief Executive Officer
Howard M. Averill Chief Financial Officer & Executive Vice President
Mitchell A. Klaif Chief Information Officer & Senior Vice President
James L. Barksdale Independent Director
Robert Charles Clark Independent Director
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