Media Spotlight Swings Away From Content

Content may be king, but distribution is the ace in the hole.

In the never-ending debate in the media business over whether ultimate power resides in the companies that create entertainment or the companies that distribute it, three top sell-side analysts have recently dared to make a decision.

And though each analyst puts a different spin on his or her conclusions, the vote is unanimous: For now, at least, distribution is the winner.

That means good news for owners of direct broadcast satellite systems and cable operators -- in particular, Comcast (CMCSA Quote), the Philadelphia-based cable operator that, following its acquisition of AT&T Broadband, boasts 21 million cable subscribers, or about 30% of American households. ...