Who are the winners of the media sector revival?

Luke Stellini, global equity product director at Invesco Perpetual, explains how the media sector has undergone a major transformation since the days of the TMT boom.

John Maynard Keynes once said, “When the facts change, I change my mind.” Traditionally, the media sector has not been seen as the typical hunting ground for an income strategy, especially one focused on ‘quality income’ rather than yield maximisation. However, as the borrowed quotation hints, things do change, and we believe the media sector now includes many companies that offer many attractions to such an investment strategy. Of all the acronyms that have entered the financial jargon in recent times, TMT stands out as one of the most emotive. The period in and around the dotcom bub...