Guggenheim analyst Michael Morris said that last week's "media meltdown" has changed the narrative for the sector and that he expects boards to get more aggressive in pushing for change in light of stock performances and the "clear" underlying trends impacting the industry. Specifically, Morris said he sees the opportunity for CBS (CBS) to be more aggressive in pursuing combinations and its over-the-top platform, adding that he views AMC Networks (AMCX) as the most undervalued business in the space in terms of its potential drive subscribers to new offerings. Morris, who thinks AMC should be on CBS' "short list of potential investments," keeps Buy ratings on both stocks.