Guggenheim's Michael Morris and his team take a look at the sector Wednesday, writing that the start of this year feels much like the start of last year, the main difference being tax changes are now concrete, rather than expected. As such, he expects 2018 will be another year of debate between the bull and bear camps for media, arguing about the stocks' low valuations and changing consumer trends, respectively.

Morris writes that tax reform consolidation, and lighter regulatory burdens are all positive points for media, while consumer behavior, new advertising entrants, and video consumption add up in the negative column. While he expects "intense" pull between bulls and bears in the early part of this year, ultimately he thinks the ongoing structural challenges to media firms will win out, putting more pressure on the sector.