Macquerie Capital’s Amy Yong sees the broadcasting and communications fields through a financial prism. Here’s what she sees coming up in Washington that could have a big effect.
It involves several media, with AM-FM radio on the sidelines but peripherally interested.
* AM-FM will be interested in what happens to competitor Pandora– it has a big decision on subscription performance royalties in the balance. While a court decision isn’t expected until December, final briefs are due in days, on July 10.
* The auction is moving ahead, and the FCC will reveal structural elements 7/16/15. Yong is expecting certain broadcasters to participate enthusiastically, and singled out Entravision, who she thinks will gladly cash in stations in some of its non-core DMAs.
* Buyers of spectrum are expected to include AT&T, Verizon, T-Mobile and Dish. Sprint may jump in as well. Yong also suggests SoftBank and possibly other investors could acquire spectrum and lease it to Sprint.
* The challenge to the FCC’s Title II internet authority is on, and briefs are due at the end of the month, 7/30/15 to be exact.
* The FCC is expected to include OTTs in the MVPD category as of the fall – it will offer certain rights but will also open them up to must-carry obligations.
