Note: The next SNL Kagan Radio/TV Values and Finance Summit is scheduled for April 2009. The material below is from the most recent (April 2008) session.

To receive information on the April 2009 session as it becomes available, click here.

Registration and continental breakfast begins at 8:00 a.m.
Program begins at 9:15 a.m.

DIGITAL AND THE INTERNET: Opportunities And Perils for Broadcasters

Television and radio players are increasingly devoting more resources to generating revenue from digital and the Internet. Many in the broadcast business believe that eventually 15% of revenues will be derived from the Internet, and that there are additional revenue opportunities from digital broadcasting. Under what scenarios could this be possible?

• The revenue potential of digital, multicasting and the Internet
• Delivering better accountability to advertisers
• The business alliances and combinations that will make sense in the future
• The effect of royalty fees
• Implications of changes in viewing habits, such as time-shifted viewing and programming migrating to the Internet
• How broadcasters can benefit from mobile video

RADIO VALUATIONS, REVENUES and FINANCE: Recovering The Momentum

While radio industry revenues have been largely flat the last several years, some groups experienced strong growth and expect to build on it in 2008. Further, despite the ups and downs of the financial markets, trading is brisk in radio stations, with plenty of strategic and financial buyers. How are stations being valued now and how are those valuations likely to evolve?

• Current strategies for getting radio revenue growth back on track
• Competition and ad rates at the local levels
• Can less ad clutter and better maximization of ad inventory solve anemic growth?
• Which formats and niches are succeeding, and which are on the decline?
• The outlook for continued consolidation
• Transaction multiples and values
• The supply/demand equation for stations in different market sizes
• How to resurrect radio values and trading multiples in the public market

TV STATION VALUES and OPERATIONS: The Next Decade

With 2008 shaping up to be a record year for political revenues, TV stations are on the cusp of strong revenue gains over the coming year. Add to that the potential for increased retransmission revenue and Internet-related revenues and it is not surprising that investors have recently awarded TV stations higher growth multiples than radio. But how will the trends and technologies now in play affect deals and operations going forward?

• The role of TV stations in the unfolding new-media paradigm
• How ad revenues will be generated in the future
• The prospects for continued TV station consolidation
• Current value benchmarks for TV stations 
• Determining stick value
• Valuing LP stations
• Confronting the challenges posed by technologies such as DVRs and Internet delivery of content

BROADCAST FINANCE: What The Smart Money Thinks About Broadcasting's Future

Throughout their revenue ups and downs, broadcasting assets have continued to attract a strong buyer pool at solid multiples, yet the public markets continue to discount broadcast values. Even so, financiers remain ready and willing to step up. In the digital age, how will these trends evolve?  

• How the financial community views broadcasters
• Threats and opportunities
• How new technologies will hurt or help
• How future radio/TV station growth will be financed
• Which stocks are most undervalued and why
• How bank and high-yield finance has changed in terms of leverage, pricing, terms and size of deals
• What returns are expected and why

Program concludes at approximately 5:00 p.m.