Hollywood Reporter
“Up” is not just Hollywood’s latest blockbuster-in-waiting, it’s also the direction media stocks — and, many hope, the overall fortunes of studio congloms — are headed after a decidedly downbeat period. This earnings season, U.S. entertainment execs have started to sound cautiously bullish on the ad market and the overall economy. No doubt that’s because stocks have been so buoyant since early March, in many cases outpacing gains in broader markets. “Commentary from management on second-quarter calls was virtually unanimous that the bottom is in for the economy and advertising growth,” says Steve Birenberg of Northlake Capital Management and SNL Kagan’s media blogger. The key questions now are: Is the stabilization for real, and how can the congloms best position themselves for the stock rally to continue?