2.9.1Segment

Broadcast Media (TV & Radio)

Television networks, local station groups, and radio broadcasters distributing audio and video content to mass audiences.

4
Verticals

Overview

Broadcast Media (TV & Radio) covers television networks, local station groups, and radio broadcasters distributing audio and video to mass audiences. It is a structurally declining business as cord-cutting, streaming, and digital advertising erode the traditional broadcast model, pressuring both revenue and asset values.

Local TV retains value through retransmission fees and political advertising, while radio has been hit hardest (with several large operators restructuring). Consolidation continues among station groups (Nexstar, Sinclair) even as the category shrinks.

Market snapshot

Market size
~$45B
Growth
~-8%CAGR (2017–22, nominal — declining)
Companies
~6,400
FragmentationConsolidating

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 516110/516120 (radio/TV broadcasting; 2017 codes 5151xx). Decline reflects cord-cutting and a NAICS-2022 reclassification of some content into streaming (516210).

Business model & economics

Revenue model
Advertising plus retransmission and carriage fees
Recurring revenue
Moderate — carriage fees recur; advertising is cyclical
EBITDA margin
Pressured as the model erodes
Capex intensity
Moderate
  • Structurally declining from cord-cutting and digital ad shift.
  • Local TV retains value via retransmission and political ad cycles.
  • Radio hit hardest, with operators restructuring.

M&A deal context

Moderate deal activity

Who’s acquiring

TV station-group consolidatorsDistressed-asset acquirersRadio & audio platforms

What’s driving deals

  • Consolidation among TV station groups.
  • Distress and restructuring in radio.
  • Retransmission and political-ad value in local TV.

Verticals in this segment

  • 2.9.1.1Digital Broadcast & OTT Networks

    Digital-first broadcast channels and streaming-enabled networks.

  • 2.9.1.2Local TV Station Groups

    Companies owning and operating local television station portfolios.

  • 2.9.1.3Radio Station Groups

    Companies owning and operating AM/FM radio station portfolios.

  • 2.9.1.4Television Networks & Broadcasters

    National television network operators distributing content broadly.

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