US Media: 2026 Picks, Pans and New Issue Outlook
Hunter Martin, CFA - Head of Media/Cable, CreditSights
Davis Hebert, CFA - Co-Head HY Research, Head of Telecom/Media, CreditSights
Brian McKenna - Analyst, Telecom & Media/Cable, CreditSights
Savannah Buzzeo - Analyst, Telecom / Media, CreditSights
14 January 2026
- Which media credits offer compelling upside velocity as broadcast consolidation momentum builds under deregulation.
- How political advertising cycles will reshape leverage trajectories and create strategic debt paydown opportunities.
- What transformative merger scenarios could deliver material positive catalysts for highly leveraged station groups.
- Which subsectors face elevated event risk from regulatory changes, spin-offs, and strategic buyer interest.
- Where defensive positioning makes sense amid secular headwinds versus opportunities for outsized total returns.
Executive Summary
Investment grade media faces a turning point amid major merger activity and realignments. Dominant players face valuation constraints despite improved risk profiles across traditional entertainment names.
However, high yield media credits offer compelling opportunities driven by multiple positive catalysts. Broadcasting subsectors show unexpected resilience with structural changes creating material value dislocations.
Strategic acquisitions will reshape credit curves after transformational deals receive final shareholder approvals. Balance sheet quality diverges sharply between well-positioned operators and overvalued legacy franchises.
Local television operators present differentiated risk profiles amid accelerating consolidation dynamics. Liquidity positions and strategic flexibility separate potential winners from challenged capital structures.
Primary markets will see significantly elevated activity following dormant periods. Transformational deals and strategic acquisitions drive most anticipated issuance across rating categories.
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