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THE FUTURE OF BROADCASTING AND TV/RADIO STATION M&A

The TV industry has recently undergone dramatic change with consolidation among major group owners such as Sinclair, Nexstar, Tegna, and Gray TV. Retransmission consent fees have helped offset declining TV ad revenues, but continued growth is challenged by multichannel subscriber losses and rising reverse payments back to the networks. Consumer viewing preferences have shifted to skinny bundles and online video delivery through streaming services such as Hulu, YouTubeTV, Sling TV and DirecTVNow. The radio industry is losing ad share to digital music streaming services, such as Pandora and Spotify, while the largest radio station owners – iHeart and Cumulus Media – have recently emerged from or are going through chapter 11 reorganizations.