Viacom — “and pretty much only Viacom” — is engaged in a systematic program of “ad stuffing” even as ratings of its networks continue to decline, according to a report by Wall Street analyst Todd Juenger.
In an analysis of what the Big 4 network-owned station groups might get in the upcoming auction, Todd Jueneger, senior analyst for AB Bernstein, wrote that “our most optimistic estimate for CBS, Fox, and NBC (Comcast) is $1.3-$1.5 billion … far below what … some companies have said is possible.”
Major studio and network owners’ decision to sell shows to Netflix may go down as one of the biggest strategic blunders they’ve ever made if Bernstein Research’s Todd Juenger’s compelling report today is correct. Like a lot of analysts, he’s alarmed by what he calls the “unprecedented” drop in C3 ratings across ad-supported TV, especially among 18 to 49-year-olds.
There may be 500 channels and almost $80 billion in advertising and subscriber revenue in the television industry, but most of that content and cash is controlled by a handful of companies. In a new report on the U.S. media industry, Sanford C. Bernstein analyst Todd Juenger notes that a handful of media giants control the advertising and subscription pies. According to Juenger, fees that pay-TV distributors pay for content is now about $40 billion while advertising is an additional $37 billion.
Sanford C. Bernstein analyst Todd Juenger today lowered his price target on CBS Corp.’s stock by $2 to $37, citing the “awful start” to the U.S. fall TV season for broadcasters that led him to bring down his earnings forecasts for the company.