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Todd Spangler NY Digital Editor Paramount Global‘s debt rating was cut to junk status by credit-rating agency S&P Global, which cited the media conglomerate’s ongoing challenges with free cash flow generation relative to its debt. S&P on Wednesday said it expects Paramount Global’s free operating cash flow-to-debt will remain “well below” 10% through 2025, and that adjusted leverage (debt-to-equity ratio) will stay above 3.5 times through then.

The fate of ESPN, Disney’s prize asset and a reliable generator of cash flow even in uncertain times, remains the subject of vigorous debate in industry and finance circles.

NBCUniversal parent Comcast and publicly traded cable stocks dropped Friday on Wall Street fears of slowing broadband growth post-Covid after the industry rode a wave of new signups.

Fox Corp.'s stock earned an upgrade on Wednesday thanks to the sports rights cost "clarity" provided by the recent NFL rights renewal andits role as "a potential participant in media M&A." Wells Fargo analyst Steven Cahall upgradedthe shares of Fox, led by CEO Lachlan Murdoch, from "underweight" to "equal weight" and his price target by $14 to $41 writing in a report: "We've historically been bearish on sports as rights tend to grow in excess of linear revenues, and Fox has been the media stock

Another prominent Wall Street analyst is calling for Comcast to split from NBCUniversal — undoing a merger that closed 10 years ago — in order to better unlock earnings and stock potential from both businesses. "While each Comcast business is good, we believe it would be a much better stock if they were apart," Wells Fargo analyst Steven Cahall wrote in a Wednesday report as he initiated coverage of the cable sector.

When will the much-discussed "Streaming Wars" in the entertainment industry turn into the "Streaming Profit Wars"? "The tide in media has shifted with nearly every traditional company joining the streaming fray," Wells Fargo analyst Steven Cahall wrote in a Friday report with the title "Deep Dive Into Streaming Margins: The Struggle Is Real." "While the equity market tends to prefer direct-to-consumer (DTC)/streaming to all things linear, we also think investors are increasingly looking to

"All I Want for Christmas Is an Updated Model." That was the title of Wells Fargo analyst Steven Cahall's Wednesday report, in which he boosted his stock price target for the Walt Disney Co. from $182 to $201.

Netflix could see its third-quarter streaming subscriber growth hit by the controversy aroundCuties, Wells Fargo analyst Steven Cahall wrote in a Tuesday report, cutting his subscriber forecast for the period in half to 2.5 million, with the full impact modelled to come in the U.S. and Canada.

Wells Fargo analyst Steven Cahall has downgraded Walt Disney's stock in a Tuesday report that forecasts the studio's theme park division will take two years to return to normal attendance in the coronavirus pandemic era. "We don't think Parks can get back to anything close to full capacity until testing and/or vaccines are far more ubiquitous," Cahall told investors.