Credit quality for U.S. telcos will trend stable while cable operators will contend with weaker business conditions. Secular pressures and the ongoing transition to digital distribution continue to hurt many legacy media sectors and companies, but our ratings outlook on the sector is stable. After two years of negative ratings actions, restructurings, and defaults, and of struggling to address issues in content creation, distribution, and advertising, the industry may have turned the corner. We forecast information technology (IT) spending will accelerate to 9% in 2025 from 8.3% in 2024 and well above global GDP growth.