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Carlos F Saavedra's avatar

Do you have an idea of how the landscape looks if deregulation plays out? Downside protection seems pretty decent from what you wrote, wondering how the upside looks like.

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Value Don't Lie's avatar

I still need to unpack the FCC / deregulation scenario for broadcasters..

My one concern with that path is the added leverage M&A comes with... I can't imagine these companies are eager to use equity at 5x FCF or less. Maybe NXST takes their "relatively clean" balance sheet and merge with a less clean balance sheet? I could also see industry players pulling back on share repurchases to stockpile cash/liquidity in advance of potential M&A.

Still some work to do here!

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Carlos F Saavedra's avatar

Makes sense! Thanks.

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VaIue D0nt Iie.stacks's avatar

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Roman's avatar

"Let’s assume the next 5 years operate at $850bn avg. FCF..." It should mean 850 million, shouldn't it? Great post regardless, thanks a lot!

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Value Don't Lie's avatar

good catch... fixed!

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VaIue D0nt Iie.stacks's avatar

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