EFTA01385421.pdf

3January 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite TV Broadcasting I....••••• TV Broadcasting: Core & Total Revenue Ex-Political Performance & Guidance. .0r _ ,w 10t• 3414 444bas ..A. . ,... 44•1 norcon4.444, 44,444.4a4. I INIA04/04*(rein4414 A•Anon nindlo•wrsk% e•Albin AAA. la•AllinvolA teelAnone a 'etyma! nano§ ple.S.W AAA/ roPo 144. neat A ow. anneal. an .4 con ...bane a •w«.••altoolloulAons 4s •oponnllsoll_ Ai __ _ uM CA AA Alk14.001441140 AAA* sat a an Ala a Fs -*et IseklAl-potAb a a. u. to. 44, orA* 4 •414 4.4 opi• /Apt !AAA. not.444444 p4I4444 a. W. 100 X113 Y. T T 47' Isimonoo• Pe. AAA AAA. AA. *Anon Ants IPS Ar• In aurae 4x. 414 — Ann nlni NR• !On. AA Antes Alionnilrin lo.I4 A% 44444 a 44Inn w4 r1 a aon • Amen. Ald wt. us, On a Ivo m API 71.• son to to AMMAI raTb emlworiv Wen sourced tom Matson Sane 0421444 OM sans, cou <paw content aNA /41114110041. aroe AAA This was an interesting year for local broadcast television - we had anticipated a big pickup in M&A as the spectrum auction reached a conclusion. In actuality 2017 was relatively slow in terms of material consolidation (aside from Sinclair+Tribune), but we ended up with ownership deregulation instead. Heading into 2018, here are some themes we are currently focused on for the sector: Page 146 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086705 CONFIDENTIAL SDNY_GM_00232889 EFTA01385421