Conferences to Focus on Outlook for Media Firms

Media companies’ shares, which have fallen this year amid concerns of slowing advertising growth, may get a boost this week as industry executives converge on New York for two conferences. Stocks of television and radio broadcasters, cable providers and newspaper publishers often rise during the annual conferences, held this year by Credit Suisse First Boston and UBS Warburg, as executives stress the positive. Viacom Inc. and Clear Channel Communications Inc. are some of the companies under pressure to deliver good news this year. More than 40 companies will take part in the three-day event at UBS Warburg and more than 50 will be represented at the Credit Suisse conference. Viacom Chairman Sumner Redstone, Yahoo Inc. co-founder Jerry Yang, America Online Inc. Chairman Steve Case, and Daniel Somers, chief executive of AT&T; Corp.’s broadband unit, are among those scheduled to speak. The tone will be set today when Robert Coen, director of forecasting for Interpublic Group of Cos.’ Universal McCann unit, makes his annual predictions for advertising growth. Many analysts expect Coen to lower next year’s forecast to 5.5% or 6%, far less than the 9.4% he had expected for 2000.