HBO, HBO Now Will Be Key Growth Drivers For Time Warner

For Time Warner, HBO remains the key growth driver, in our view. The network will not only benefit from subscription growth but also from HBO Now. While there hasn't been a major change in our valuation of Time Warner, our updated model reflects continued subscriber declines at Turner networks and a slower growth rate for advertising, primarily due to continued weakness in domestic advertising and currency issues in the international market. Looking at calendar year 2015, we estimate the company...