20020725_Broadcasting Cable_STANDARD POOR’S.pdf

INDUSTRY SURVEYS Broadcasting Cable JULY 25, 2002 / BROADCASTING CABLE THIS ISSUE REPLACES THE ONE DATED JANUARY 24, 2002. THE NEXT UPDATE OF THIS SURVEY IS SCHEDULED FOR JANUARY 2003. CURRENT ENVIRONMENT 1 INDUSTRY PROFILE 7 Industry Trends 7 How the Industry Operates 12 Key Industry Ratios and Statistics 18 How to Analyze a Broadcasting or Cable Company 19 GLOSSARY 23 INDUSTRY REFERENCES 25 COMPARATIVE COMPANY ANALYSIS 27 Howard Choe Broadcasting Cable Analyst Editor: Eileen M. Bossong-Martines Copy Editor: Carol A. Wood Production: GraphMedia Statistician: Sally Kathryn Nuttall Production Coordinator: Paulette Dixon Subscriber relations: 1-800-852-1641 Copyright © 2002 by Standard Poor’s All rights reserved. ISSN 0196-4666 USPS No. 517-780 Visit the Standard Poor’s web site: STANDARD POOR’S INDUSTRY SURVEYS is published weekly. Annual subscription: $10,500. Reproduction in whole or in part (including inputting into a computer) prohibited except by permission of Standard Poor’s. Executive and Editorial Office: Standard Poor’s, 55 Water Street, New York, NY 10041. Standard Poor’s is a division of The McGraw-Hill Companies. Officers of The McGraw-Hill Companies, Inc.: Harold McGraw III, Chairman, President, and Chief Executive Officer; Kenneth M. Vittor, Executive Vice President and General Counsel; Robert J. Bahash, Executive Vice President and Chief Financial Officer; Frank D. Penglase, Senior Vice President, Treasury Operations. Periodicals postage paid at New York, NY 10004 and additional mailing offices. POSTMASTER: Send address changes to INDUSTRY SURVEYS, attention Mail Prep, Standard Poor’s, 55 Water Street, New York, NY 10041. Information has been obtained by INDUSTRY SURVEYS from sources believed to be reliable. However, because of the possibility of