In Canada, BCE and Rogers Communications (RCI) enjoy carte blanche from regulators that an American company could never dream of.
The name I left out -- MSG -- is a special case. Despite the lofty valuations, you have to think MSG, as well as AMC Networks (AMCX), is ripe for takeover by a News Corp, Time Warner or Viacom (VIAB). These types of companies represent missing puzzle pieces as the major media conglomerates look to develop key regions of the country and assemble sports and original programming empires.
It's the most overlooked bull story in the stock market: Massive gains in big, old guard media names. It's not a fluke. It's not merely the product of a bull market. It's real and, while it's always wise to exercise caution via profit taking, the long-term narrative across the sector remains firmly intact, warranting confident price-to-earnings ratios.
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