For the networks, live sports and events are such a big part of the fourth and first quarters that you have an underlying stability to the ad market. Second and third quarter in non-summer Olympic years there is definitely a big difference because you don’t have the same must-have events. So I think broadcast is less of a structural worry. Because a large part of their programming is built on sports through the NFL, their risk of erosion is a bit less.
via Nathanson: No Limit In Sight For Retrans $ | TVNewsCheck.com.