TVs Next M&A Wave Wont Be Like Last One
By Eric Dodson Greenberg
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.
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