媒体观察：人工智能——我们的观点与您的观点

MediaWatch: AI – our view andyour view The AI theme continues to dominate the sector. We presentour thinking for each subsector - and show the results of ourbuy-side AI survey. Combining our analysis with surveyresults, as well as our style factor analysis, our preferrednames are Canal+, CTS Eventim, Informa, JC Decaux andRELX. European MediaNEUTRALUnchanged European Media Julien Roch+44 (0)20 3134 3323julien.roch@barclays.comBarclays, UK Nick Dempsey+44 (0)20 3134 5888nick.dempsey@barclays.comBarclays, UK Listen Bernd Klanten+44 (0)20 3134 0172bernd.klanten@barclays.comBarclays, UK AI is the theme that continues to dominate our sector, with the majority of larger names feelinga share price impact in the last 6-9 months. We address this theme in two ways in this latestedition of MediaWatch: 1) InYOUR VIEW, we provide analysis from our recent AI survey withbuy-side investors; we synthesise their views regarding which companies might have most risk,where we could see a rerating, and what factors could start to turn the tide. The highlight ofYOUR VIEW is that agencies are seen as most at risk, RELX is likely more a winner than a loser,the view on UMG is negative but nuanced, and the relative safe havens are Informa, CTS Eventimand video games. 2) InOUR VIEW,we explain our thinking on AI – the potential opportunitiesand threats – on a subsector basis, backed up by detailed work from the last year. The highlightof OUR VIEW is that we see the most actual risk for advertising agencies sooner rather than later.For Music we are more balanced. For Info Services we expect robust delivery for multiple yearsand think specific AI concerns are overdone. Separately, in our work onstyle factors, ourQuality names (as we have consistently defined them) have derated heavily vs the sector andmarket - again AI is the key driver. Vivek Panchal+91 (0)22 6175 4230vivek.panchal@barclays.comBarclays, UK For our preferred names, we do includeRELX, where the market has concerns on AI– we think75% of adjusted operating profit is untouched by AI concerns, while we expect them to deliveraccelerating growth in the next two years in the other 25%, as AI enhancesofferings.And theyhave derated sharply. Beyond RELX, our preferred names are insulated from AI risks:Canal+(synergies support FCF growth; low valuation);CTS Eventim(quality with deep moats, all-timelow valuation);Informa(good momentum; good value on FCF yield); andJC Decaux(quality atundemanding valuation). Barclays Capital Inc. and/or one of itsaffiliatesdoes and seeks to do business with companiescovered in its research reports. As a result, investors should be aware that the firm may have aconflict of interest that couldaffectthe objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision. This research report has been prepared in whole or in part by equity research analysts basedoutside the US who are not registered/qualified as research analysts with FINRA. Please see analyst certifications and important disclosures beginning on page 128.Completed: 30-Jan-26, 21:57 GMTReleased: 02-Feb-26, 04:06 GMTRestricted - External AI in European Media: YOUR View in more detail:In terms of winners and losers from AI, ourbuy-side survey points to ad agencies as most impacted, with Informa, CTS Eventim and videogames leastaffected.Overall, RELX stands out as a likely winner, contrasting with share pricemoves. In terms of potential for a rerating, there is most optimism for RELX, Wolters and UMGand least for Pearson and agencies. Our participants suggest that the factors most likely to helpMedia names transition from the AI loser category are being able to launch AI products anddemonstrate their success followed by the AI winners trade unravelling for one reason oranother. Also, beating consensus EPS should help - although with FX running against manynames, we don't see that as particularly likely right now. AI in European Media: OUR View in more detail:We see the following key points by subsector.Ad Agencies: they face challenges, particularly in Creative, but should adapt over time. Lowgrowth can persist, resulting in winners and losers.Info Services: they are protected because a)their customer bases always need to be right; b) large chunks of these businesses are likelyuntouched by AI and c) they are making good progress on adding AI toofferings.Music: risksfrom hybrid-AI artists and pressure on usage revenues are balanced by opportunities from newrevenue sources that leverage AI. Forecasts updated for our companies:We update all of our forecasts for operational changesand FX, which we detail in our Forecast Changes table in the Appendix at the end of the report. The Story in 6 Charts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 What do YOU think? Summary of our buy-side survey on AI in the sector. . . . . . . . . . . . . . . . . . . . . 8What do WE think? Our v