www.ubs.com/investmentresearchThisreporthasbeenpreparedbyUBSSecuritiesLLC.ANALYSTCERTIFICATIONANDREQUIREDDISCLOSURESBEGINONPAGE17.UBSdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.GlobalResearch2March2020U.S.MediaSnapshotDTCtransitionweighson4Qand2020outlookAffiliategrowthstablein4Q;Expectslight2020growthamidsimilarsublossesU.S.cablenetaffiliaterevenuesgrew+0.7%in4QasPayTVsubsfell~4.9%,bothin-linewith3Q.vMVPDsubgrowthsurprisedtotheupside(like...