Cover Justin Nielson Do not change Senior Research Analyst the size of the The Future of Kagan, A Media Research Group title. Keep the Within S&P Global Market Intelligence title short and use the subtitle Broadcasting and TV/ area for longer August 29, 2018 descriptions if needed. Radio Station M&A Choose where to add presenter name(s) – upper right corner and under title/ subtitle. Remove unused placeholders. Only use S&P Global Red for key text high- lights, not shapes or charts. It’s available in the custom color palette. Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P Global Market Intelligence. Not for distribution to the public. Copyright © 2018 by S&P Global Market Intelligence. All rights reserved. Content – No subtitle Level 1 has a TV Station Advertising Revenue Projections bullet turned on – you can turn bullets off by marking the ($ bil.) Core Local Spot Core National Spot Digital/Online Political Total Level 1 text and unclick the bullet 30 icon on the Home Tab. 24.5 25 23.9 23.3 To get to the 22.9 23.0 22.5 22.3 22.2 21.9 next bullet level, 21.3 20.4 20.9 use “Increase List level” on the 20 Home Tab. 15 Only use S&P Global Red for key text high- 10 lights, not shapes or charts. It’s available in the custom color 5 palette. 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % Chg. 13.9% (8.7%) 8.9% (5.8%) 9.4% (6.8%) 8.0% (5.0%) 9.5% (6.1%) 9.1% (5.1%) No content below the line Source: Kagan, a media research group within the TMT offering of S&P Global Market Intelligence as of May 2018. No content below the line Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P Global Market Intelligence. Not for distribution to the public. Copyright © 2018 by S&P Global Market Intelligence. All rights reserved. 2 Data color order: Complimentary colors: Footer : Never change the footer text on individual slides. Change, turn on or off Used with accent colors: footer by using Insert g Header & Footerg Enter / change text g Click Apply All. Content – No subtitle Level 1 has a 2018 Midterm Political Ad Spending on TV bullet turned on – you can turn Stations Expected to Exceed $2.5B bullets off by marking the Level 1 text and unclick the bullet icon on the Broadcast TV Political Advertising Revenue Projections, 2014-2027 Home Tab. ($M) (%) Political Ad Revenue Political as % of Net Bcst TV Rev. To get to the 3,000 10 next bullet level, 9.0% use “Increase 8.6% 9 List level” on the Home Tab. 2,500 [VALUE]% 7.5% 7.2% 8 7 2,000 Only use S&P 6 Global Red for key text high- 1,500 5 lights, not shapes or charts. 4 It’s available in the custom color 1,000 2.9% 2.9% 3 palette. 2.6% 2.8% 2.6% 2 500 1 0 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Kagan, a media research group within the TMT offering of S&P Global Market Intelligence, as of February 2018. No content below the line No content below the line Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P Global Market Intelligence. Not for distribution to the public. Copyright © 2018 by S&P Global Market Intelligence. All rights reserved. 3 Data color order: Complimentary colors: Footer : Never change the footer text on individual slides. Change, turn on or off Used with accent colors: footer by using Insert g Header & Footerg Enter / change text g Click Apply All. Content – No subtitle Level 1 has a Radio Station Revenue Projections bullet turned on – you can turn bullets off by marking the ($ bil.) Local/Retail National Spot Network Off-Air Digital Total Level 1 text and 20 unclick the bullet 18.3 18.4 icon on the 17.8 17.8 18.1 18.1 17.6 17.6 17.5 17.4 17.7 17.6 Home Tab. 18 16 To get to the next bullet level, 14 use “Increase List level” on the Home Tab. 12 10 Only use S&P 8 Global Red for key text high- 6 lights, not shapes or charts. It’s available in 4 the custom color palette. 2 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 % Chg. 1.4% 0.0% (0.8%) (0.8%) 1.9% (0.4%) 1.1% 0.1% 1.2% 0.3% 1.0% 0.4% No content below the line Source: Kagan, a media research group within the TMT offering of S&P Global Market Intelligence as of May 2018. No content below the line Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P Global Market Intelligence. Not for distribution to the public. Copyright © 2018 by S&P Global Market Intelligence. All rights reserved. 4 Data color order: Complimentary colors: Footer : Never change the footer text on individual slides. Change, turn on or off Used with accent colors: footer by using Insert g Header & Footerg Enter / change text g Click Apply All. Content – No subtitle Level 1 has a TV and Radio Station Ad Share bullet turned on – you can turn of Total U.S. Ad Market bullets off by marking the Level 1 text and (%) unclick the bullet TV Radio icon on the Home Tab. 20.0% 18.0% To get to the next bullet level, 16.0% use “Increase List level” on the Home Tab. 14.0% 7.1% 6.9% 6.5% 6.9% 6.8% 6.1% 12.0% 6.3% 5.7% 5.5% 5.9% 5.6% Only use S&P 10.0% Global Red for key text high- 8.0% lights, not shapes or charts. 6.0% It’s available in 10.1% 10.3% 9.9% 9.7% the custom color 9.2% 9.3% 9.2% 8.8% 9.3% 9.3% 4.0% 8.7% palette. 2.0% 0.0% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 No content below the line Source: Kagan, a media research group within the TMT offering of S&P Global Market Intelligence as of May 2018. No content below the line Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P Global Market Intelligence. Not for distribution to the public. Copyright © 2018 by S&P Global Market Intelligence. All rights reserved. 5 Data color order: Complimentary colors: Footer : Never change the footer text on individual slides. Change, turn on or off Used with accent colors: footer by using Insert g Header & Footerg Enter / change text g Click Apply All. Content – No subtitle Level 1 has a Broadcast Retransmission and Virtual bullet turned on – you can turn Multichannel Carriage Fee Projections bullets off by marking the Level 1 text and unclick the bullet ($ bil.) Cable DBS Telco Video Virtual MC Total icon on the Home Tab. 14.0 11.9 12.1 To get to the 11.6 12.0 11.2 next bullet level, 10.8 use “Increase 10.2 List level” on the Home Tab. 10.0 9.4 8.0 8.0 Only use S&P Global Red for 6.4 key text high- 6.0 lights, not shapes or charts. 4.9 3.6 It’s available in the custom color 4.0 palette. 2.4 2.0 0.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 No content below the line Source: Kagan, a media research group within the TMT offering of S&P Global Market Intelligence as of June 2018. No content below the line Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P Global Market Intelligence. Not for distribution to the public. Copyright © 2018 by S&P Global Market Intelligence. All rights reserved. 6 Data color order: Complimentary colors: Footer : Never change the footer text on individual slides. Change, turn on or off Used with accent colors: footer by using Insert g Header & Footerg Enter / change text g Click Apply All. Content – No subtitle Level 1 has a Station Live Streaming on OTT bullet turned on – you can turn and Virtual Multichannel Platforms bullets off by marking the Level 1 text and unclick the bullet icon on the Home Tab. To get to the next bullet level, use “Increase List level” on the Home Tab. Only use S&P Global Red for key text high- lights, not shapes or charts. It’s available in the custom color palette. No content below the line Source: Kagan, a media research group within the TMT offering of S&P Global Market Intelligence, as of April 2018. OTT=Over-the-top. No content below the line Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P Global Market Intelligence. Not for distribution to the public. Copyright © 2018 by S&P Global Market Intelligence. All rights reserved. 7 Data color order: Complimentary colors: Footer : Never change the footer text on individual slides. Change, turn on or off Used with accent colors: footer by using Insert g Header & Footerg Enter / change text g Click Apply All.