Wall St. Speaks Out on the NBC Upfront - Anthony DiClemente

amp160NBC is the No 1 broadcast network in 1849 however seasontodate exsports primetime ratings have slipped across key demos While NBC39s broadcast network is just 12 of Comcast39s revenue and 3 of EBITDA the broadcast network continues to be a key engine of growth for the NBC Universal assets We highlight three key takeaways from this morning39s presentations 1 emphasis on original dramas 2 the draw of NBC39s sports programming and 3 the importance of data Please refer to our 04212015 upfront preview we estimate that NBC will experience flattish dollar volume commitments YoY based on 5 CPM increases and 76 sellthrough rateScheduling around existing hit franchisesGiven the need to revive ratings NBC has refreshed a large portion of its primetime lineup and plans to build its schedule around veteran successful shows including The Voice and The Blacklist Although Bob Greenblatt chairman of NBC Entertainment highlighted the increased competitiveness in original programming and in dramas specifically with 250 original drama series industrywide NBC has high hopes for Heroes Reborn and The Player which are scheduled to slot in on either side of The Blacklist see below for a list of renewed and new showsThe draw of NBC39s sports programming shows no sign of slowingIncluding the impact of the Super Bowl NBC remained the No 1 broadcast network in 1849 an improvement from 2012 when the network also had the Super Bowl but nevertheless finished the season in jointlast place Mark Lazarus head of NBC Sports group expressed his confidence with regards to the 201516 sports programming lineup highlighting his optimism in Horse Racing Premier League PGA Golf and of course Sunday Night Football SNF SNF remained the No 1 show in primetime and boasts several marquee matchups in 201516 Further the network will host the Rio Olympics in 2016 At the time of airing Rio will only be one hour ahead of the East Coast which should lend itself for more live events in primetime vs the 2012 London Summer and 2014 Sochi Winter OlympicsThe importance of dataWe think NBCU is among the most innovative broadcast networks as it pertains to integrating big data into its ad sales platform While Linda Yaccarino chairwoman Advertising Sales and Client Partnerships NBCUniversal acknowledged the increased availability of digital video inventory she stressed that only quality video matters To prove the effectiveness of its ads NBC has been on the forefront of data acquisition and analytics including the followingNBCU powered by Comcast amp8211 delivering on promise of household addressabilityNBCUx amp8211 offering clients programmatic access to premium content across the company39s entire portfolio combined with dataenabled targetingAOL partnership amp8211 which has given AOL access to NBCU39s portfolio of broadcast networks cable channels and digital networks The partnership now provides advertisers a single platform for reaching consumers across screens from mobile devices to TVAudience Targeting Platform amp8211 NBCU is leveraging third and firstparty data to provide its clients with a betterdata driven insight into which NBCU shows their desired audiences are watchingFig 1 Renewed and New NBC ShowsNBC39s 201516 lineupSource The Hollywood Reporter Nomura researchFig 2 Seasontodate broadcast ratings exsportsNBC39s ratings have declined YoYNote Viewership based on live primetime exsports total household dataSource Nielsen Nomura researchThis email including any attachments is private and confidential may contain proprietary or privileged information and is intended for the named recipients only Unintended recipients are strictly prohibited from taking action on the basis of information in this email and must contact the sender immediately delete this email and all attachments and destroy any hard copies Nomura will not accept responsibility or liability for the accuracy or completeness of or the presence of any virus or disabling code in this email If verification is sought please request a hard copy Any reference to the terms of executed transactions should be treated as preliminary only and subject to formal written confirmation by Nomura Nomura reserves the right to retain monitor and intercept email communications through its networks subject to and in accordance with applicable laws No confidentiality or privilege is waived or lost by Nomura by any mistransmission of this email Any reference to quotNomuraquot is a reference to any entity in the Nomura Holdings Inc group Please read our Electronic Communications Legal Notice which forms part of this email httpwwwNomuracomemaildisclaimerhtmCLICK BELOW TO ACCESS RESEARCH REPORTPRESENTATION including important disclosuresUS Media Quick Thoughts on the NBC UpfrontPrepared by Nomura Securities International Inc For complete details of the research together with the associated important disclosures analyst certification valuation methodology and discussion of risks please see the full publication attachedThe opinions and points of view expressed in this commentary are exclusively the views of the author and do not necessarily represent the views of MediaVillagecom management or associated bloggers

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Wall St. Speaks Out on the NBC Upfront - Anthony DiClemente

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