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Media Companies Face the Coming Slowdown

By Steve Birenberg

About this article:
I spent Wednesday in New York while sitting at my desk in Chicago. In a sign of the times, I skipped the UBS Media Conference in a cost-saving measure. I've gone many years in a row to this well-run event. Fortunately, modern technology means I can still "attend," although the upside in these soirees comes from one-on-one meetings with companies, chatting in the hallways with company reps and other buy-siders, and building the connections that can only be made face to face. On Wednesday, I listened to presentations by Time Warner , Discovery Communications , Gannett , Liberty Global and Scripps . Before providing a brief recap of each presentation, I want to add some color to the advertising forecasts that came out of the meeting. Advertising represents 20% to 70% of revenue for most major media companies. Even for those that are less exposed, the strength...

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