28th Annual SNL Kagan TV & Radio Finance Summit

Park Central Hotel
New York, NY
June 1, 2011
www.snlcenter.com/kaganradiotv

A stellar lineup of broadcast owners, investors, strategic advisors and professionals from across the industry will explore the issues and questions that are most pressing in today's environment.

What business models and revenue streams will drive the industry forward? What are the latest trends in content delivery and website monetization? How will broadcast spectrum reallocation continue to reshape the industry? And what are the prospects for media sector deals in the near- and long-term?

Broadcasting in 2011 and Beyond

7:30 a.m.

Registration and Continental Breakfast
8:30 a.m.

Welcome and Introduction

9:00 a.m.

Keynote Presentation

9:30 a.m.

The Future of TV Stations & Broadcasting in a
Multi-Screen World

•How are TV stations helped or hurt by the move to a multi-screen, on-demand world?
•How are TV stations going to participate in the mobile revolution?
•What’s ahead for TV station revenues after such a successful 2010?
•How high can retransmission revenues climb and how have distributors changed their negotiating tactics?
•Will the uptick in TV station deals continue and what are they worth?
•After TV station web site revenue rose 14% in 2010, how do station plan to monetize their web sites in 2011?
•Which ad categories will drive the business forward?

10:45 a.m.

Refreshment Break

11:15 a.m.

Whose Spectrum Is It Anyway? The 700 MHz Broadband Opportunity

•How will the broadcast spectrum reclamation process work, and what is the time-line?
•What is the best use of the broadcast spectrum?
•What bench-marks will be used to value the spectrum ($/TV home, or $/MHz/pop), and what will determine value?
•Who will be the buyers and the sellers? Is there interest outside
major markets?
•What share of the auction proceeds can TV station owners take to
the bank?
•How will repacking work? Channel sharing?
•How will the process help or hinder TV station owners’ mobile initiatives?

12:30 p.m.

Luncheon with Guest Speaker

2:00 p.m.

Afternoon Presentation

2:30 p.m.

The Outlook for Radio Station Revenues and Valuations

•Has revenue growth in 2010 improved the radio business investment profile?
•What is the outlook for revenue growth in 2011 and forward?
•How are radio stations competing on a local level and how has that changed?
•Is bankruptcy a good or bad thing for the industry? How many more are to come?
•How much are station buyers paying above stick value and what makes a difference?
•What are current multiples, values and lending ratios for radio stations?
•Is there any middle-market financing available?
•What’s the best way to resurrect radio values and trading multiples in the public market?

3:45 p.m.

Refreshment Break

4:00 p.m.

Broadcast Finance – The Start of a New Cycle?

•Did 2010 restore investors’ and capital sources’ belief in broadcasting?
•How close are we to capital loosening again…or is this the new normal?
•If the cycle of recaps and bankruptcies for broadcasters is almost over, where does that leave us?
•What is the near- and mid-term availability of capital? Will there be broadcast IPOs in 2011?
•How have bank and high-yield finance changed in terms of leverage, pricing, terms and size of deals?
•What’s the future shape of the deal market?
•How will broadcasters fare in the public markets and which public stocks are likely to survive?
•Future revenue and cash flow trends
•Broadcasters’ greatest threats and opportunities
•How new technologies will hurt or help

5:00 p.m.

Networking Cocktail Reception