@Wing it Thanks for the balanced response. Agree that, if your...

@Wing it

Thanks for the balanced response. Agree that, if your view is for near term stabilization or even growth of TV advertising revenue, PRT is bargain basement.

I personally think that's a bold view, though. To say that it all comes down to advertising revenue is, of course, correct, but that revenue doesn't exist in a vacuum. Advertisers will only spend if they have eyeballs, and TVs will only have eyeballs if they have the most attractive programming. The fundamental issue now as I see it is that FTA TV for about 40 years had a monopoly on broadcasting filmed programing. That is increasingly no longer the case - online behemoths now have production budgets that dwarf the programming budgets of FTA networks, and they don't have to distribute their programs via FTA as the Internet has disintermediated FTA networks. So, non FTA platforms increasingly have the better programming, so have more eyeballs, so get the advertising revenue, and the cycle is virtuous for these content producers and vicious for the FTAs. And in a world where we are increasingly going to own TVs with Internet connectivity, and have access to faster Internet connections, I struggle to see a world where people are going to switch back to FTA especially when those some FTAs are being forced to reduce programming budgets so the quality of their end product is declining, while the quality of their competitors' product gets better and better.