Contents
Approaching the nadir 3
Never a dull moment in the media sector 3
No green shoots 4
Dismal outlook largely reflected in earnings and multiples 5
2Q should be the nadir, but is this a ‘reset’ or a ‘recession’? 7
The sector’s performance has echoes of the early 1990s 8
Revisiting our stock selection thesis 12
Company profiles
DMGT 26
Lagardere Groupe 32
Pearson 40
Publicis 49
United Business Media 55
WPP Group 62