N@N

NEW YORK--([ BUSINESS WIRE ])--Fitch Ratings believes that traditional media platforms that can capture large audiences, can be measured, and have the capability to target specific demographics will remain relevant, as discussed in Fitch's fifth annual 'Credit Encyclo-Media' report.

Other traditional platforms, such as magazines and newspapers, must evolve their content, technologies (including content delivery), and business models to maintain profitability and remain relevant. For emerging media, particularly online, the development and deployment of measurement tools will be key in growing digital CMPs and ad volume. The ability to measure audiences and ROI is necessary for this segment to grow share.

Fitch's 'Credit Encyclo-Media' report is a comprehensive analysis of the U.S. media and entertainment sector with detailed data and opinions on 25 individual issuers and 27 industry segments. This edition of the report includes an event risk analysis for each company in Fitch's rated portfolio, and an expanded section on Tablets and e-books.

Fitch maintains a stable outlook on most advertising and non-advertising-related subsectors. This is based on Fitch's macro expectations, with low single-digit GDP growth in the U.S. and continued weakness in Europe. The stable outlooks also reflect Fitch's expectation for advertising growth in the low single digits in 2012 and 2013, excluding political and Olympic advertising spend.

Fitch believes liquidity will remain robust for most companies. Event risk, such as shifts in financial policy, will continue to be a risk that plagues all investment-grade issuers. Financial policies and cash deployment (including acquisition and shareholder return activity) have remained within the context of current ratings for most issuers. By and large, managements are expected to remain fairly conservative.

The full 'Credit Encyclo-Media' is available at '[ www.fitchratings.com ].'

Additional information is available at '[ www.fitchratings.com ]'

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: [ HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS ]. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '[ WWW.FITCHRATINGS.COM ]'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.