Affiliate-fee revenues as a percentage of total company revenue is highest for Fox Corp. followed by NBCU, Warner Bros. Discovery and Paramount Global, MoffettNathanson says.
Peacock led all streamers in monetizing per hour of streaming viewing, in terms of ad and subscription revenue, according to MoffettNathanson Research. But Peacock and other streamers are still far
behind when it comes to monetizing viewing from their linear TV viewing.
MoffettNathanson forecasts NBCU and Warner Bros. Discovery will see declines in content spending this year while others will climb. Walt Disney will lead all big media companies, followed by NBCU,
Warner Bros Discovery, Paramount and Netflix.
"The advertising environment is challenged as supply chain disruptions have restricted inventory for products leading to lower advertising spend in areas," writes KeyBanc's equity research team.
The biggest moves will come with realignment as Jon Diament, Karen Grinthal and Greg Regis divide responsibilities among the company's more than 20 cable TV networks. Reports last month suggested the
new Warner Bros. Discovery would cut around 30% of its ad force as part of the goal CEO David Zaslav outlined to investors, to achieve $3 billion in synergistic savings as a result of the merger.
Signaling a wider macro-view of a possible slowdown in advertising, traditional TV-based media companies' stock prices declined sharply after Snap said on Tuesday it is seeing a sharp deceleration of
its digital ad revenues. MoffettNathanson Research senior research analyst/co-founder Michael Nathanson says there are some concerns that Q2 may end a bit soft. Many companies sank to new 52-week
lows.