FCC Loss on UHF Discount Could Hurt Broadcast Deals, Says Barclays
An FCC loss in its court battle defending the restoration of the UHF discount could cause local broadcast dealmaking to “grind to a halt,” Barclays Capital emailed investors Monday. The three-judge panel hearing oral argument at the U.S. Court of…
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Appeals for the D.C. Circuit Friday didn't appear to agree with the FCC’s position (see 1804200059). The analysts described an FCC loss as a “monkey wrench in local broadcast" mergers and acquisitions and said the agency’s case appeared to be on “shaky ground.” Since M&A “is one of the last remaining sources of support for local broadcasters, this ruling could have significant repercussions over time,” the analysts said.