29th Annual SNL Kagan TV and Radio Finance Summit

June 5, 2012
The Union League Club
New York, NY
http://www.snlcenter.com/Kaganradiotv/2012/default.asp

8:45 a.m.
Welcome and Industry Overview
Robin Flynn
Senior Analyst, SNL Kagan

9:00 a.m.
Opening Keynote
Gordon H. Smith
President and CEO, National Association of Broadcasters

9:20 a.m.
Opening Keynote
Steve Lanzano
President and CEO, TVB Local Marketing Solutions

9:45 a.m.
The business of TV stations: the future of revenues and audience engagement

Peter Markham
Chairman and CEO, Granite Broadcasting
Deborah A. McDermott
President, Young Broadcasting
Tonia O'Connor
President, Distribution and Sales, Univision Communications
Bob Prather
President and COO, Gray Television
Richard J. Schmaeling
SVP and CFO, LIN Media
Chris Ripley (moderator)
Managing Director, UBS Securities LLC

• What is the future outlook for TV station revenues (including retrans) over the next five years?
• What is the outlook for political revenues, auto, and other ad categories this year?
• What are the viewing trends in local news in younger demos? Will any negative trends have a sizable impact on the industry as time goes on?
• How can stations use social media to enhance their advertiser offering?
• How can TV operators create complementary digital business that benefit from TV but ultimately could stand on their own? What type of scale does a TV operator need to effectively compete in the digital media space?
• How should viewing and audience engagement be measured?
• Will station M&A continue and at what multiples?

11:00 a.m.
Refreshment break

11:15 a.m.
The economics of retransmission consent: how high and how soon?

Robert I. Dunlop
Executive Vice President, Operations, Fisher Communications, Inc.
John K. Hane
Counsel, Pillsbury Winthrop Shaw Pittman LLP
William Lake
Chief Media Bureau, Federal Communications Commission
Brian Lilly
President and CEO, SJL Broadcast Management Corporation
Carl Salas
Vice President and Senior Analyst, Moody's Inc.
Robin Flynn (moderator)
Senior Analyst, SNL Kagan

• How far has the industry come in the development of retransmission revenues?
• What are average fee levels now and how high can they grow?
• How are new deals being structured, and when will the next wave of new agreements come?
• What factors and terms should TV station owners consider when negotiating new deals?
• When can network affiliate groups negotiate as one entity and what effect would that have?
• How have multichannel operators been responding to increased fee levels?
• How much will have to be given up to which network, and what do station owners get in return?
• How likely is regulatory intervention this year to prevent black-outs?
• How do retrans agreements figure into TV station M&A?

12:15 p.m.
Luncheon

1:15 p.m.
Auctions, mobile TV and the future of the UHF/VHF bands
Shawn A. Bone
Public Policy Consultant, Wiley Rein LLP
Rebecca Hanson
Sr. Advisor, Broadcast Spectrum, Federal Communications Commission
Roger Keating
Sr. Vice President, Digital Media, Hearst Television, Inc.
John Lawson
Executive Director, Mobile 500 Alliance
Elliot Evers (moderator)
Managing Director, Media Venture Partners

• How will the spectrum auctions work?
• When will they take place? What about re-packing, channel-sharing, must-carry and the related issues? Will the auctions really be “voluntary?” What about anti-collusion rules?
• How will the auctions interplay with services like Dyle Mobile or the Mobile 500?
• What are stations doing today with their “surplus” spectrum?

2:15 p.m.
Executive Q&A with Lewis Dickey, Jr,
Chairman, President and CEO, Cumulus Media

2:45 p.m.
The re-invigorated radio model: sizing up growth potential
Mike Agovino
Co-Founder and COO, Triton Media Group
John G. Chachas
Managing Partner, Methuselah Advisors
Mark S. Gray
President, Katz Radio Group
Patrick Walsh
Executive Vice President and CFO, Emmis Communications
COO, Emmis Radio Division
Larry Patrick (moderator)
Managing Partner, Patrick Communications

• What is the revenue outlook for radio in 2012 and beyond?
• What is the health of the auto, political and other key ad categories?
• How will stations diversify their revenue streams? How important will digital become?
• How will initiatives such as I Heart Radio future-proof the industry?
• What has happened to ad rates, inventory loads, and margins?
• What is the outlook for radio on new devices such as cell phones?
• What are stations worth and what is the outlook for M&A?
• How do financiers feel about investing in and funding radio now that many companies have de-levered?

3:45 p.m.
Refreshment Break

4:00 p.m.
Adding new value to old media – Savior or side show?
Michael E. Bogdan
Partner, Atalaya Capital Management LP
Timothy C. Huban
Managing Director, Telecom, Media & Technology, GE Capital
Bishop Cheen (moderator)
Managing Director, Wells Fargo Securities, LLC

• Are investors missing the big picture, and upside of this sector?
• Can radio and TV groups create and sustain meaningful new value? If so, when?
• Should private equity be waiting or jumping in?
• Will lenders salute the potential?

4:45 p.m.
Valuation – What happened to once-entrenched strong broadcast values?
Kristin M. Allen
Managing Director - Media, Credit Suisse
Blair Faulstich
Managing Director and Senior Research Analyst, Providence Equity Partners
Marci L. Ryvicker
Managing Director, Equity Research – Media and Cable, WellsFargo Securities, LLC
Bishop Cheen (moderator)
Managing Director, Wells Fargo Securities

• Is there a future for broadcast station entrepreneurs?
• What is the gap in public versus private market values? Why? Which is lead steer?
• Is M&A where it should be given the macro economy?
• What are appropriate capital structures for contemporary growth expectations?

5:15 p.m.
Cocktail reception