Broadcasting business, others.
The radio/television sector sure seems out of favor to me. Competition from cable, internet have apparently taken away viewers and advertisers.
I'm way underwater in YBTVA and SALM. I've no confidence in YBTVA management at this time, and I don't foresee a recovery in earnings. Maybe the company is now valued below replacement costs. (I believed that though when I bought at higher prices.) The company keeps losing money.
I believe I'll eventually exit and take the long-term capital loss write-off.
SALM is focused on religious broadcasting, and that is a niche that seems like it ought to be sustainable, although perhaps with no growth. I am hopeful the stock might eventually see more favor and a higher price. I'm holding my shares.
Considering the programming aspects, I continue to hope for a recovery in WON. I am close to making a decision on reducing shares in the pure-play shop-at-homer VVTV. I've now begun trimming my few shares of SSP (SSP having been discussed on Buffett thread several years back). I have a position in TWX. I hold a few shares of Dale Baker pick NPSN. I hold many of the "Malone stocks" from the split out(s): DISCA, LBTYA, LCAPA, LINTA.
My idea to increase position in VZ and trim CMCSA appears not so hot: VZ did move up a little, but now seems to be retreating; CMCSA continues its move higher. I closed DTV position too soon: this stock also continues up, and a very good earnings report is out today.
Perhaps cable stocks will continue to do better in future. I never can tell if this is all a zero-sum game, the total market not growing so greatly, and the cable/broadcasters/satellite people just jockeying amongst themselves. On the current apparent strength of cable though, I've upped my very few shares of Malone's LBTYA just a little more last week. LBTYA operates in markets outside the USA.
I like the real estate business of apartment rentals to college students. There are about three reits that specialize in this. I'm holding shares of GCT and EDR. They've had their problems. (Financial shenanigans/perhaps self-serving top management/perhaps too rapid expansion.) Now I find there's a broadcasting company that specializes in middle markets, especially college towns. So I'm interested in that. The company is Grey Television. It reported poor earnings today. I'm buying GTN shares today. I like the presentation they make on their website: they report they are often rated number 1 or 2 in their markets (aside: and yet they can't make good money??), and they apparently have a coherent business plan they are executing.
There are small but persistent insider buys from an insider couple. About a 1.8 div. yield. I note that Gabelli fund has shares (according to Yahoo). Mario Gabelli built his career on analyzing and buying these type stocks. So maybe he/his surrogates know what they are doing here. (Maybe not.) Also ltb&h firm Columbia Acorn has shares, as does a Baron Fund. (Aside: anybody go to the Baron party? Heard it was packed and great entertainment. Business honchos were good too. Baron himself came across as pompous/arrogant, so I am told.)
I figure if I am willing to hold junk like YBTVA, I can and maybe should hold something like GTN.
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