Pacific Crest says that TV viewing is becoming more focused, as the top networks and shows are drawing higher percentages of viewers. The firm says that this trend is positive for CBS (CBS) and 21st Century Fox (FOXA). It believes that AMC Networks (AMCX) and Lionsgate (LGF) will continue to perform well due to their "great shows," while Dreamworks (DWA) and Lionsgate will benefit from higher programming budgets. Pacific Crest also believes that the continued resilience of sports programming is positive for Time Warner (TWX), while Netflix (NFLX) will benefit from the rising popularity of OTT.