Comcast 's ( CMCSA ) cable networks include USA Network, CNBC, Syfy, MSNBC, Bravo, Oxygen, mun2, CNBC World, Chiller, Sleuth and Universal HD. The networks derive revenue primarily from two sources, distribution of programming and advertising. Distribution accounts for more than 50% of cable networks revenues. Both, distribution and advertising have been trending well for the company over the past few years. NBCUniversal has been focused on original programming, thereby providing a boost to the ratings for its networks in the past. However, 2014 has been tough for the media industry at large, as ratings were softer at many networks. USA Network in 2014 has seen ratings drop of more than 30% in some of its popular shows such as While Collars in 18-49 demographic. Going forward, we believe that the company's focus on original programming and new content will drive the ratings upwards. We also expect advertising marketplace to improve in the coming months primarily due to an increase in political spending amid midterm elections.
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