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1.
Regulatory and technological changes have resulted in a surge in merger and acquisition (M&A) activity in the newspaper industry since the 1980s. This study investigates the “success” of these activities focusing on a particular facet of acquisition performance. We study the completion likelihood of an announced transaction, using a sample of M&A announcements from the newspaper industry (1981–2000). Results show that although firm-level characteristics are relevant, transaction-specific and regulatory factors are even more important. Not surprisingly, the attitude of the transaction—whether hostile or friendly—is a key factor, as are the method of payment and the percentage of control sought by the acquirer. The latter in particular reaffirms the prevailing view on the importance of regulatory influences on media M&As.  相似文献   

2.
There has been extensive restructuring in the media industries in recent times. This article examines the effects of large media restructuring transactions on the value of firms engaging in such transactions. It considers all media restructuring transactions with a value of over $1 billion between 1997 and 2008—a time period that included 1 of the largest waves of mergers and acquisitions (M&A) activity in industrial history, and was marked in media by transformative changes in the industry due to digital technology and the loosening of ownership restrictions under the Telecommunications Act of 1996 Telecommunications Act of 1996. (1996). Pub. LA. No. 104–104, 110 Stat. 56.  [Google Scholar]. Over that time period, 57 M&A transactions with a total value of $675 billion and 65 divestitures with a total value of $338 billion were identified. This article employs event-study methodology to calibrate the impact of these restructurings on firm value. Over time, the market was cautious about the ability of media firms to launch successful mergers or acquisitions, with losses for the media acquirers larger than those in cross-industry studies. This is even more pronounced when the acquirer is a non-media firm. Alternatively, divestitures yield positive results for both buyers and sellers. Recognizing the impact that restructuring has on firms, this work provides insights for understanding the market evaluation of future restructuring transactions.  相似文献   

3.
In 2009, Congressional subcommittees approved a bill which would impose a performance fee on radio stations playing music over the air, known as the Performance Rights Act (PRA). Passage of the PRA could historically alter the relationship between the radio broadcast industry and the music industry. Terrestrial broadcast radio stations have paid music licensing agencies fees to songwriters and composers but never to the artists. This study examines the acrimonious relationship radio broadcasters have had with the music licensing agencies over the past eight decades, and the potential impact of the PRA on the future of terrestrial radio.  相似文献   

4.
Offshore broadcasting pirates, transmitting radio shows from international waters back into the borders of nation-states, have been largely examined from a media-communications perspective. Drawing on pirate stations broadcasting into Britain I argue that new insights into the regulation of this phenomenon can be formed if it is considered not only as a media-communications venture, but likewise a maritime one. Following the Marine &c. Broadcasting (Offences) Act 1967, Section 42 of the Broadcasting Act 1990, and the surveillance missions which ensued, I contend that these were not only aerial strategies designed to deal with an aerial problem (that of broadcasting), but also sea-based strategies, designed to deal with a maritime problem (that of broadcasting from ships and forts at sea). I thus propose re-thinking the ways in which successive British administrations regulated the radio pirates, paving the way for an alternative understanding of this phenomenon in media history.  相似文献   

5.
There has been a dramatic shift in the philosophy of broadcast regulation. After decades of managing the local radio market structure with policies of ownership regulation, Congress and the FCC have mandated policies of ownership deregulation. This study examines the effect of deregulation policies on the small market radio industry. Recent research has explored issues of radio market structure and performance in larger markets; however, few studies have examined the impact of policy in smaller markets. This study analyzed 52 metropolitan statistical areas with populations less than 125,000. The study used regression analysis to identify the effect of deregulation on the number and type of radio owners in the small markets. Overall, the results revealed that the Telecommunications Act of 1996 had a dramatic impact on the number of local radio owners in the small markets.  相似文献   

6.
Between 1990 and 1995, a substantive reconfiguration took place within the publishing, communications, and mass media industries in the United States. These changes were triggered primarily by five pivotal developments: (1) the direct impact of strategic planning theories and practices on a relatively small number of U.S. and foreign media executives; (2) a dramatic technological convergence within the entire communications industry; (3) a quest to gain hegemony over the creation, production, and distribution of electronic and print information and entertainment products and services in the United States and the global marketplace; (4) a sharp increase in media usage and expenditures in the United States; and (5) the impending passage of a massive, revolutionary telecommunications bill. This legislation (the Telecommunications Act of 1996) changed drastically the ground rules created by the Communications Act of 1934, lifted restrictions on the ownership of media properties, allowed media companies to enter formerly forbidden markets, and reduced or eliminated governmental controls over the burgeoning communications business. The deeply etched lines separating “newspapers” from “books” and “magazines”, or “television” from “telephone”, “radio”, “film”, and “video” became hazy, and, in some instances, disappeared. Media scholars and industry experts realized that the communications landscape had to be viewed as a totally interconnected industry, albeit a rather diverse one.  相似文献   

7.
The Telecommunications Act of 1996 changed the nature of radio markets. Recent policy recommendations from the Federal Communications Commission and the U.S. Congress have led to questions about localism in local radio markets. This study analyzes station ownership, the number of clusters, radio programming, and audience data from 32 radio markets and compares the information for the years 2000, 2004, 2007, and 2010. The results suggested a degree of stability for the types and size of radio owners, the market power of local radio clusters, and the number and type of formats.  相似文献   

8.
Radio has been regulated in the United States by the Federal Communications Commission, and previously the Federal Radio Commission, since the 1920s. Now, community radio operators and producers find themselves operating within a range of regulatory frameworks, depending on the platforms (over-the-air or online) on which they place their content. This article reviews how the impact of copyright regulation on community radio is changing as that sector expands into internet distribution. The article draws on a number of case studies of U.S.-based community radio stations, and forms part of a larger study of the changing structure of that sector. A significant lesson from this case study is a better understanding of the manner in which community stations are not only negotiating the platforms on which they distribute their content, based in large part on regulatory constraints on different platforms, but also are often fringe actors in policy debates dominated by larger economic groupings, such as corporate broadcasters and recording industry lobby groups.  相似文献   

9.
A Delphi study of 13 college radio advisors in the United States was conducted by e-mail between October 2000 and March 2001. Panelists responded to a 24-item questionnaire over three rounds, eliciting opinions on the likelihood of various events occurring in the college radio industry during 5-; 10-, and 15-year periods. The final consensus suggested five dominant trends affecting college radio: (1) decreasing prestige of college radio advising within the college and university communities; (2) decreasing amount of direct institutional financial support for college radio; (3) an inexorable move toward digital production and transmission; (4) a changing composition of students participating in college radio; and (5) a continual reliance on locally produced alternative music and sports programming.  相似文献   

10.
Abstract

The video game industry has continued to grow dramatically over the past decade, cutting into mainstream media in participation and revenues as it becomes part of mainstream media culture. Following the industrial organization model, this paper conceptualizes and systematically analyzes five vertical stages and the key market segments of consoles, handheld and PC‐based games. Genre‐based measures of content show that the different game platforms have varying levels of product diversity, driven by differing levels of risk and rewards. Comparisons in production and distribution are made with other major media. The main conclusion is that the industry is reaching a mature phase with concentration and integration beginning to be found in its stages. A mainstreaming of content is partially countered by a vibrant community of developers, mostly for PC games. As a standard‐based industry, non‐interoperability and network effects continue to play a key role in preserving competition in a field with a shrinking number of firms.  相似文献   

11.
Abstract

This empirical study examines potential size effects in the US media and communications industry. Motivated by investors’ demand for continuous profit growth, media and communications executives attempt to leverage size effects, be it by growing the core business or by diversifying into other media segments, thereby exploiting cross‐media synergies. However, contrary to conventional wisdom, the authors could not find a general correlation between size and diversification on the one hand and performance on the other hand. The authors’ reason that exploiting size effects in the media and communications industry is far from simplistic and cross‐media synergies may take more time and effort to leverage than assumed. Therefore, research is recommended to focus on the operational level of size effects and their development over time. For media managers, the findings imply that more emphasis should be placed on strategy implementation and operational effectiveness, rather than on sophisticated M&A and growth initiatives.  相似文献   

12.
The change in radio ownership rules in 1992 had the greatest effect in markets ranked above 100. The Telecommunications Act could have similar effects. One such market was investigated for this study. A proposed station purchase in this market would give an ownership group four of seven stations in the market, depending on how a market is defined. Petitions to deny were filed. These statements and replies by station owners were analyzed and related to radio in a small market. The ultimate impact was found on the negotiation of advertising rates. Other effects could emerge over time.  相似文献   

13.
Book Review     
Over the last 2 decades, mergers and acquisitions (M&;A) have become the most preferred strategic tool of firms in the media industry. As still claimed by analysts and managers, M&;A deals are expected to generate greater economic efficiency, especially through size effects (economies of scale and scope and other synergies). However, it seems that the hopes placed in these synergies are generally disappointed. Indeed, among a sample of 11 media firms for fiscal years 1998 and 1999, it appears a firm's size and a simultaneous presence in many businesses of the media industries do not improve economic performance, nor does the possession of complementary assets. The existence of economies of scale and scope, or at least the ability of firms to implement them, has still to be proved. Inversely, the internationalization rate of firms, especially for non-U.S. firms, and their level of focus on the media industries both appear to improve economic performance. These results, based on data available when AOL Time Warner and Vivendi Universal M&;A deals took place, raise the issue of the economic rationality of such mergers.  相似文献   

14.
Growth and stage models often lack a sound empirical and theoretical base and do not provide any help for organizations to improve. Measuring and benchmarking (M&B) is necessary for understanding an organization's position and identifying growth opportunities. Yet M&B methods are often not based on generalizations of practice and measure only what is directly visible. They are missing relevant elements that can help further development. In this paper, we propose a multi-level measurement framework utilizing a mix of measurement methods to look deep inside organizations. Whereas benchmarking is often based on a single number, deep insight is given by showing the performance in a broad range of areas and views using a dashboard. Guidance for improvement is created by identifying those elements that need improvements. The illustration of the framework in a case study shows that the process of measuring deep inside organizations might be more important than the actual outcomes and that per area different maturity levels might be possible. We provide seven principles that can serve as a foundation for developing M&B and stage models.  相似文献   

15.
Abstract

This study examined the degrees of product diversification of media conglomerates since the Telecommunications Act of 1996 and tested the impact of product diversification of the firms on their financial health. The strategy of related product diversification enables firms to gain market power and synergy effect, then improves financial performance. Based on that assumption, for a sample of 26 media firms from 1996 to 2002, this study conducted a regression analysis to test the hypotheses. The results showed two contradictory curvilinear models. First, revenue, EBITDA and sales growth rates revealed a U‐shaped relationship with diversification. That is, performance decreased as firms shifted from concentrated business strategies to related diversification, but performance increased as firms changed from related diversification to unrelated diversification. On the other hand, financial efficiency variables measuring management effectiveness or profitability (ROS, ROA and ROE) and stock market evaluation (earnings per share) showed an inverted U‐shape relationship. Thus, the unrelated diversification led to a decrease in financial efficiency.  相似文献   

16.
Just over half of the noncommercial radio stations in the United States contributed in some way to the lobbying campaign that led to the inclusion of radio in the Public Broadcasting Act of 1967. Most of these stations were associated with educational institutions, and were uniformly represented to federal authorities as “educational radio,” though the universe of noncommercial stations in the late 1960s was more nuanced and diverse. When federal financial assistance was finally achieved, the programs proved to be too exclusive or too expensive for some of the parties who had helped to move the Act from conception to reality. In the decades following enactment, activists for community, low power, and part time stations endeavored to correct the problems that grew out of the original legislation. For audiences, the primary consequence has been a public radio system that is less inclusive and diverse than it could have been.  相似文献   

17.
Recent efforts to amend the Freedom of Information Act (F.O.I.A.) suggest that the Act has caused widespread problems felt by its administrators. In order to test the validity of this suggestion, the authors surveyed F.O.I.A. administrators throughout the Federal government and report the findings from this survey here. These findings indicate that the administrators generally have positive perceptions of the Act, yet generally support specific proposed amendments to it.  相似文献   

18.
The Telecommunications Act of 1996 and ensuing radio ownership consolidation are often blamed for harming radio localism and the public interest. The present research sought to determine effects of local-market radio ownership concentration on listener opinions and use of radio—potentially indicative of stations' localism and public service—by surveying listeners in markets categorized by ownership concentration. Findings suggest concentration does not strongly influence perceptions; however, overall results indicate potentially negative consequences from local and national consolidation on amounts of local music, news, and public-service programming; live-local programming; and station responsiveness.  相似文献   

19.
The purpose of this study is to analyze Federal Communications Commission (FCC) regulatory and enforcement strategies concerning unlicensed micro broadcasting. Micro radio stations in the United States have increased markedly since 1994. Employing document analysis, observations, and interviews, the FCC's regulatory and enforcement difficulties associated with micro radio activities are identified. Results indicate that FCC's efforts to restrict access to micro broadcasting technology have been stymied by the grassroots efforts of micro radio stations.  相似文献   

20.
Nowhere did the coming of broadcasting have more social impact than in America's rural areas. With radio, farm families that were once isolated by vast distances and poor roads were brought into immediate and continuous contact with the rest of the nation. The United States Department of Agriculture was quick to seize the potential of the new medium and began producing weather forecasts, market reports, and other agricultural programming at an early date. Commercial interests also built stations and designed programming to serve the rural audience. This article examines the arrival of radio on America's farms during broadcasting's earliest years, from the introduction of radio in 1920 to the passage of the Radio Act of 1927.  相似文献   

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