In this note we are slightly modifying our financial models for video-centric media companies under our coverage. Weak fundamentals are likely to be overshadowed by a focus among investors around M&A in light of reports about Scripps discussions to combine with either of Viacom or Discovery. Price targets and recommendations are unchanged, with a Buy rating on 21st Century Fox, Hold ratings on CBS, Discovery, Time Warner and Viacom and a Sell rating on Disney.
FOXA, CBS, DISCA, TWX, VIAB, DIS: Focus on M&A -- Pivotal Research
![FOXA, CBS, DISCA, TWX, VIAB, DIS: Focus on M&A -- Pivotal Research](/media/articles/wall_street_Flag_ofWtWFX.jpg.550x380_q85_box-0%2C9%2C320%2C231_crop.jpg.webp)