The 5 major media companies most at risk from the coronavirus outbreak, according to UBS

• Disney and Discovery are among the media companies that are most at risk as the coronavirus continues to spread around the world, according to analysts at Wall Street firm UBS.
• The analysts examined businesses across the media and communication sector.
• Companies that generate significant shares of their revenue from theme parks, films, and advertising are most sensitive to the pandemic, and a potential economic downturn it could ignite, the analysts wrote.
• Click here for more BI Prime stories.

Disney and Discovery are among five media companies whose businesses are most exposed to the spread of coronavirus, according to analysts at Wall Street firm UBS.

The UBS analysts examined, in a report on March 11, the revenue streams and companies across the media and communications landscape that could be most at risk as the coronavirus pandemic hampers business around the world.

The analysts looked at media conglomerates like Disney, cable companies like Comcast, telecoms like AT&T, and infrastructure firms like Equinix. Among those sectors, the media companies might experience the greatest hits to their earnings and valuations, the analysis found.

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Media companies that generate significant shares of their revenue from theme parks, films, and advertising - especially local advertising - were most at risk, UBS said.

Based on UBS's 2020 revenue estimates, the companies most-exposed during the coronavirus outbreak are:

1. Disney: Theme parks (29% of estimated 2020 revenue), Theatrical (4%), Advertising (9%)
2. Discovery: Advertising (53%)
3. Fox: Advertising (44%)
4. ViacomCBS: Theatrical (3%), Advertising (38%)
5. AMC Networks: Advertising (32%)

Shares of each of these companies are down from a month ago, amid the broader stock market slide that has driven the S&P 500 down about 18%. AMC Networks and ViacomCBS had the largest percentage declines in that time frame.

Comcast also operates theme parks, movie studios, and TV networks through its subsidiary NBCUniversal. But its sizeable broadband business make it a little less sensitive than competitors like Disney to the effects of coronavirus, and a potential economic downturn, according to the analysis.

It was the sixth most-exposed company on UBS's list.

The companies with the least exposure to coronavirus were infrastructure and telecom companies, like Equinix and T-Mobile, according to UBS.

For more on how the coronavirus is affecting media, see our coverage on BI Prime:

• Wall Street analysts are starting to forecast the damage to Disney's business from the coronavirus and it could drag into next year: Disney is one of the media companies most exposed the impact of the coronavirus because of its large theme park and theatrical businesses.
• Why Netflix's business could take a hit from the coronavirus, despite reports that 'stay at home' stocks could benefit: Much of Netflix's revenue growth is international, including markets like Europe and Asia, which are especially vulnerable to the virus.
• Disney's surprise CEO change makes sense because of the coronavirus' growing impact on its business, according to a Wall Street analyst: The day-to-day pressures of the Disney CEO may mount if the coronavirus continues to spread outside of China, drawing former chief Bob Iger's focus at a crucial creative moment.