"For several media companies, that is exactly the problem," says MoffettNathanson Senior Analyst Rob Fishman. "Last year was one many eagerly sought to turn a page on, but this new chapter ahead may well throw more of the same at weakened players.

As previously reported, MoffettNathanson downgraded Fox Corp. (FOXA) to Neutral from Buy with a price target of $52, up from $51. Fox sits in

MoffettNathanson upgraded Warner Bros Discovery Inc (NASDAQ:WBD) to "Buy" from "Neutral," citing improved financial stability, growth at Max, and easing studio challenges.