Morgan Stanley analysts led by Benjamin Swinburne upgraded the Media sector to Attractive given increased confidence in TV centric Media names. The analyst expects distribution revenue growth to accelerate in FY17 as the industry exits a period of major mergers among pay-TV distributors that resulted in significant reductions in distribution fees, incremental contribution from new streaming entrants, and the launch of OTT services. Swinburne said TV advertising is proving "resilient" and valuation levels are defendable as earnings are poised to accelrate, with US tax reform an additional tailwind. He recommends his new "Final Four" of Disney (DIS) and Madison Square Garden (MSG), which were upgraded to Overweight from Equal Weight, Viacom (VIAB), which was resumed with an Overweight, and Overweight rated Lionsgate (LGF.B).