Pegasus Beyond The Plow: Broadcast TV’s Path To Innovation

OPEN MIKE BY ERIC DODSON GREENBERG

TV’s Next M&A Wave Won’t Be Like Last One

Changes in the television industry since the last wave of M&A activity will spur new deal-making and change its very nature. Retrans fees — which had not yet matured as a meaningful second income stream as of the last M&A cycle — will now be a new catalyst for growth and achieving scale. Add to that the differentiating value of broadcast television — its ability to generate cash, the near-term value of huge spending in political advertising, and the emerging (and, yes, changing) shape of station economics — and you have newly ripening incentives for buyers and sellers.