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Time Warner's Publishing Ad Sales Slow, But CEO Remains Positive
Posted August 29, 2011
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By Trefis
Time Warner's (TWX) CEO recently expressed his optimism regarding the magazine business despite the fact that ad sales growth has slowed due to recent economic concerns. Time Warner is a diversified media company that competes with other media conglomerates like Disney (DIS), Viacom (VIA) and News Corp (NWS).
We estimate that Time Warner's publishing business, which includes magazines such as TIME, Sports Illustrated, People & other, constitutes about 12% of the $38.90 Trefis price estimate for Time Warner's stock. The Trefis price estimate is about 35% above the current market price and implies that Time Warner's magazine business is worth nearly $6.5 billion.
We estimate that 60-70% of the nearly $6.5 billion in value associated with Time Warner's magazine business is attributable to advertising sales. This implies that magazine advertisements constitute around 8% of Time Warner's value. READ FULL ARTICLE
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