投资媒体行业的恐惧

在有线电视和在线电视产业正展开激烈竞争之际，分属这两个领域运营商们的业绩和股价表现也是“冰火两重天”。不久前迪斯尼的业绩下滑警告令市场对有线电视前景展望的温和改变充斥在整个行业里，而最近时代华纳的经济展望再次激起了对媒体行业投资的恐惧。

测试中可能遇到的词汇和知识：

ratings 评估

subscriber 用户

endanger 危及

eclectic 折衷的

dimmer 暗淡的

阅读即将开始，建议您计算一下阅读整篇文章所用时间，并对照我们在文章最后给出的参考值来估算您的阅读速度。

Time Warner earnings outlook revives media industry fears （636words）

By Shannon Bond in New York

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Time Warner set off a new wave of investor anxiety over the changing economics of television, sending shares in the biggest US media companies lower on Wednesday after it cut its 2016 profit forecast.

The owner of cable channels including HBO, CNN and TBS and producer of shows such as Supergirl said it expected earnings of $5.25 a share next year, down from an earlier forecast of close to $6 and Wall Street’s $5.60 consensus estimate. Time Warner attributed the decline to the impact of the strong dollar and the need to invest “hundreds of millions of dollars” in content and technology.

The company also said that ratings and subscribers at its US TV networks had fallen faster than expected, which could endanger both advertising revenues and the lucrative fees Time Warner charges pay-TV providers to carry its channels.

The comments revived investors’ concerns over changes in television distribution, as some “cord-cutting” viewers turn away from pay-TV subscriptions in favour of digital alternatives such as Netflix and Time Warner’s own HBO Now, and others opt for cheaper “skinny bundles” of channels.

The stock decline echoed a steeper sell-off in August, when Walt Disney trimmed its guidance for sports powerhouse ESPN and reported lower than expected quarterly revenue, sending media shares into freefall. In a single day of trading, the biggest US companies lost $37bn in market value.

Shares in Time Warner and Viacom both closed down 6.6 per cent on Wednesday and 21st Century Fox fell 5.2 per cent. Disney declined 2 per cent. CBS, which had made early gains following a mixed earnings report on Tuesday, closed 0.6 per cent lower.

“There is no doubt that there is a major sea change in consumer behaviour going on,” said Rich Greenfield, analyst at BTIG Research. “The reality is [media companies] are all struggling with the fact that in order to adapt to consumer behavioural changes, they all need to make substantial investments. It will take several years of pain.”

Jeff Bewkes, Time Warner chief executive, told investors on a conference call that “while we are living in the golden age of television programming, for many consumers, the television viewing experience is stuck in the bronze age”.

As a result, he said: “We’re stepping up our investment and providing the best possible consumer experiences. For instance, we plan to increase our investments in new digital products and infrastructure so we can meet consumer demand for video and compete effectively across platforms.”

In recent months the network has signed up an eclectic roster of big-name media brands, from Jon Stewart and Sesame Street to Vice Media and Bill Simmons, the popular US sportswriter, to create content that will appear on HBO Now.

Time Warner’s dimmer guidance came as it reported strong growth in third-quarter revenue, led by HBO and its Warner Bros film, TV and video game studio, which offset a dip in sales at Turner, its basic cable division.

Revenue jumped 5 per cent to $6.56bn, ahead of the $6.51bn expected by Wall Street analysts.

Net income rose to $1.04bn or $1.26 a share, from $967m, or $1.11 a share, a year ago. Excluding some items, adjusted earnings from continuing operations were $1.25 a share, ahead of analysts’ forecasts of $1.09.

Fox, in contrast, reported a 6 per cent drop in revenue to $6.1bn as a weak film slate and the strong dollar weighed on its performance in the quarter.

However, its cable networks were a highlight, with revenue rising 7 per cent on higher advertising sales and affiliate fees charged to carry its channels.

Net income fell 53 per cent to $675m or 34 cents a share, from $1bn or 47 cents a share. Excluding some items, earnings from continuing operations of 38 cents a share came in above the 37 cents forecast by analysts.

请根据你所读到的文章内容，完成以下自测题目：

1. Which factor could endanger Time Warner’ advertising revenue?

a. The increasing index of consumption

b. The stronger confidence of customers

c. The falling ratings and subscribers at its US TV networks

d. The report of associations related

2. Which factor do investors concern most at this stage?

a. Customers’ behavior

b. Changes in TV distribution

c. Government’s support

d. The health of macro-economy

3. Which company’s share did not influence by the media industry fears?

a. Amazon

b. 21st Century Fox

c. Time Warner

d. Disney

4. Which sector’s revenue of Time Warner did not grow?

a. HBO

b. Warner Bro’s film

c. TV and video game studio

d. Turner

[1] 答案 c. The falling ratings and subscribers at its US TV networks

解释：收视率和订阅用户的下降会威胁公司收入。

[2] 答案 b. Changes in TV distribution

解释：文章第四段

[3] 答案 a. Amazon

解释：文章第六段，时代华纳、维亚康姆、21世纪福克斯、迪士尼、CBS都有数据证明其被影响。

[4] 答案 d. Turner

解释：之所以总利润增长是因为HBO、Warner Bro’s film等业务的良好表现，抵消了Turner的亏损。