Turn in cycle still elusive

Media Sector

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Trying to make comparisons between euro issuers in the media sector is, to an extent, an exercise in comparing apples and oranges. The sector is a hotchpotch of diverse sub-sectors, including broadcasters, classified directories, television, radio and publications. However, in spite of the sector’s diversity, prior to September 11 there was little spread differential between most issuers and, in addition, all names looked expensive relative to their ratings.

However, once sentiment about the

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