"The change of outlook to stable from negative reflects (1) the strong recovery of All3Media's revenue and EBITDA in 2021 following a period of severe disruptions in 2020 resulting from the outbreak of the COVID-19 pandemic, (2) Moody's expectation for sustained revenue and EBITDA growth in the next two years supported by the increasing demand for content reflecting increasing competition from streaming platforms, (3) the rating agency's assumption that sustained EBITDA growth in 2022 and 2023 will help bring adjusted gross leverage to below 6.0x - within the triggers set for the B2 CFR - from a peak of 13.4x at the end of 2020, and (4) the continued support provided by the company's shareholders through the funding of earn-outs related to acquisitions and the purchasing of content from the company", says Sebastien Cieniewski, a Moody's Vice President - Senior Credit Officer, and lead analyst for All3Media.
Negative rating momentum may develop if (1) Moody's adjusted leverage remains well above 6.0x on a sustained basis; (2) free cash flow is negative for a prolonged period of time; (3) All3Media fails to deliver growth in its core markets; and (4) the shareholders rein in their strategic and financial support particularly for funding future acquisition earn-out payments.
The paper says that Topix.net is a news aggregator, continuously monitoring updates on thousands of news media web sites as well as government sites and organising links to articles in more than 300,000 subject areas. Topix.net already keeps track of news from sites operated by Gannett, Knight-Ridder and Tribune, but the acquisition will allow it to approach the newspapers' online advertisers about using its technology for customising ads. It will also let Topix.net add material like television listings.
Interestingly, however, in the CBS-Time Warner Cable blackout, some observers have predicted that the start of the National Football League (NFL) season that is likely to trigger a resolution of the impasse because the NFL, whose live games represent the most popular programming in the United States, will not want to lose revenues and will place pressure on both parties to resolve the dispute. See, for example, Bill Carter, "CBS Blackout on Time Warner Cable May Last Until N.F.L. Season," New York Times, August 15, 2013, /business/media/cbs-blackout-on-time-warner-cable-may-last-until-nfl-season.html?smid=pl-share&_5=0. In fact, that 32-day blackout was resolved just before the first regular season game was played and broadcast. 2b1af7f3a8