Larry Patrick’s take from NAB


Larry-Patricks-Photograph-1Larry Patrick, Managing Partner, Patrick Communications, gave RBR-TVBR some takeaways from the NAB Show this week, including the transactional climate; how the 3/31 FCC vote eliminating most JSAs and joint retransmission negotiations has affected relationships between broadcasters and the networks and more:

“The mood at NAB was positive with more buyers, lenders and even some sellers interested in doing transactions.  We did not see much movement on the multiples but did see a slight edging up of the senior lenders.  The television problems are putting the affiliates between the networks and the Chairman.   That is a difficult place to stand. The networks are staying out of the JSA fight yet are asking for more retransmission-based payments.  The affiliates are facing uncertain times.  The FCC is facing a battle over the JSA’s at a time when they need the industry to cooperate with it to insure the success of the spectrum auction.   Disruption seems to be the watchword and it takes talented broadcasters to chart the waters, regulatory and digital, ahead.”