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Articles Posted in Transactions

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CBS/Time Warner Deal Marks the Beginning of Retrans Version 3.0

When CBS and Time Warner announced Monday they had ended their month-long standoff over retransmission of CBS programming on Time Warner cable systems, the announcement brought a sigh of relief from Time Warner subscribers, particularly the NFL fans among them, and the usual press statements putting each party’s best spin…

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Free TV Doesn’t Mean Free Lunch

Recently, TVNewsCheck.com ran a short item noting that a large broadcast group (not a network owned and operated group) and a large multichannel video distributor (MVPD) successfully concluded carriage negotiations. There was no interruption of service. Given the successful outcome, I was surprised to see that someone posted a comment…

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Increase in HSR Thresholds Makes More Room for Larger Communications Transactions

While the FCC gets to have a say in nearly every sale or merger in the communications industry, no matter how small, the Department of Justice and the Federal Trade Commission will also be called upon if a transaction is large enough. The test for when a transaction is large…

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Should Media Lenders Feel Less Secure?

In an uncertain economy, obtaining financing for business transactions can be a challenge. It can be even more challenging for FCC licensees, since FCC rules prohibit granting a security interest in an FCC license. Because lenders want an enforceable lien on all of a borrower’s assets, when those assets include…

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A Few More Twists on the FCC’s Long and Winding Road to Its New Ownership Report Form

The FCC announced in April 2009 its intent to implement a new version of its biennial Ownership Report form, and to require that all commercial broadcast stations file a new Ownership Report with the FCC by November 1 of odd-numbered years. Since that time, the FCC has had to delay…

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Managing Debt Covenants in Hard Times

TVNewsDay 3/4/2009 To say that current economic conditions are challenging for broadcasters is akin to noting that the Ice Age was chilly. Like many industries, consolidation and growth was fueled by the easy availability of capital, and now broadcasters struggling under the weight of reduced advertising sales and large debt…