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TWX

Time Warner

$98.91

1.06 (1.08%)

, T

AT&T

$32.53

0.31 (0.96%)

19:48
06/14/18
06/14
19:48
06/14/18
19:48

AT&T completes Time Warner acquisition

AT&T Inc. (T) has completed its acquisition of Time Warner (TWX), bringing together global media and entertainment leaders Warner Bros., HBO and Turner with AT&T's leadership in technology and its video, mobile and broadband customer relationships. AT&T Inc. consists of four businesses. This structure allows each business to operate independently and move quickly, while at the same time innovating across AT&T with content, connectivity and advertising. The four business are: AT&T Communications provides mobile, broadband, video and other communications services to U.S.-based consumers and nearly 3.5 million companies - from the smallest business to nearly all the Fortune 1000 - with highly secure, smart solutions. Revenues from these services totaled more than $150 billion in 2017. AT&T's media business consists of HBO, Turner and Warner Bros. Together, these businesses had revenues of more than $31 billion in 2017. A new name for this business will be announced later. AT&T International provides mobile services in Mexico to consumers and businesses, plus pay-TV service across 11 countries in South America and the Caribbean. It had revenues of more than $8 billion in 2017. AT&T's advertising and analytics business provides marketers with advanced advertising solutions using valuable customer insights from AT&T's TV, mobile and broadband services, combined with extensive ad inventory from Turner and AT&T's pay-TV services. A name for this company will be announced in the future. Jeff Bewkes, former chairman and CEO of Time Warner Inc., has agreed to remain with the company as a senior advisor during a transition period. Under the terms of the merger, Time Warner Inc. shareholders received 1.4 shares of AT&T common stock, in addition to $53.75 in cash, per share of Time Warner Inc. As a result, AT&T issued 1,185M shares of common stock and paid $42.5B in cash. Including net debt from Time Warner, we now have $180.4B in net debt. AT&T will begin consolidating Time Warner Inc. results effective June 15, 2018. The company expects the acquisition to provide significant financial benefits: Accretive year-one adjusted earnings per share and free cash flow; strengthened dividend coverage Increased synergies to $2.5 billion: $1.5 billion in annualized cost synergies by end of year 3 following close and $1 billion of annualized revenue synergies by end of year 3.

TWX

Time Warner

$98.91

1.06 (1.08%)

T

AT&T

$32.53

0.31 (0.96%)

TWX Time Warner
$98.91

1.06 (1.08%)

06/13/18
MSCO
06/13/18
NO CHANGE
MSCO
Morgan Stanley says AT&T ruling may help narrow public/private media value gap
Morgan Stanley analyst Benjamin Swinburne said the court approval of AT&T's (T) acquisition of Time Warner (TWX) without conditions recognized the reality of new competition in the form of content investments from players such as Netflix (NFLX), Google's (GOOGL) YouTube, Amazon (AMZN), Apple (AAPL) and Facebook (FB). This ruling sends a "clear message to other industry players" and market uncertainty on deal prospects could fall, which could mean that equity values will likely rise accordingly, Swinburne tells investors. He notes there remains a large gap, which may now narrow, between private market valuations and public multiples in many parts of media and cable, pointing to Discovery Inc. (DISCK) as an example illustrating that point.
06/13/18
06/13/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Square (SQ) downgraded to Neutral from Buy at Buckingham with analyst Chris Brendler saying he is taking a "breather" following the year-to-date share outperformance but raised his price target to $65 from $55. 2. Yelp (YELP) downgraded to Sell from Hold at Aegis. 3. AT&T (T) was downgraded to Sell from Neutral at MoffettNathanson while Time Warner (TWX) was downgraded to Neutral from Buy at the firm. Time Warner was also downgraded to Market Perform from Outperform at Barrington. 4. Comcast (CMCSA) downgraded to Market Perform from Outperform at Raymond James. 5. Advaxis (ADXS) downgraded to Hold from Buy at Jefferies. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/13/18
06/13/18
UPGRADE
Target $41

Outperform
AT&T upgraded to Outperform on 'game changing' Time Warner deal at Oppenheimer
As previously reported, Oppenheimer analyst Timothy Horan upgraded AT&T (T) to Outperform from Perform, contending that the company's deal to buy Time Warner (TWX) is a "game-changer" that positions it as a "content powerhouse." The merger should be 15% accretive to free cash flow per share in FY21 based on his "conservative" estimates, Horan added. Horan also noted that historically, after underperforming through the regulatory process, AT&T shares trades up about 25% in the year following a merger. The analyst set a $41 price target on AT&T shares.
06/13/18
LOOP
06/13/18
DOWNGRADE
Target $100
LOOP
Hold
Time Warner downgraded to Hold from Buy at Loop Capital
Loop Capital analyst Alan Gould downgraded Time Warner (TWX) to Hold from Buy and lowered his price target to $100 from $107.50 after the affirmative federal judge ruling on AT&T (T) bid. Gould says he expects the merger to close by June 20th, and also recommends that investors shift their holdings to CBS (CBS), which may be the next attractive acquisition target in the industry.
T AT&T
$32.53

0.31 (0.96%)

06/13/18
OPCO
06/13/18
UPGRADE
OPCO
Outperform
AT&T upgraded to Outperform from Perform at Oppenheimer

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TCI

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Smartsheet

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SYX

Systemax

$35.40

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UTX

United Technologies

$125.30

-2.2 (-1.73%)

, EADSY

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EBR

Centrais Electricas

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UVXY

ProShares Trust Ultra VIX Short Term Futures ETF

$10.44

0.795 (8.24%)

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COTV

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ARRY

Array BioPharma

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VZ

Verizon

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USCR

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JD

JD.com

$41.57

-2.18 (-4.98%)

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FOX

21st Century Fox

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SRPT

Sarepta

$161.63

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