Category: From the Desk of Brett Miller

In the world of broadcast transactions, optimism is often the fuel behind deal momentum. But when that optimism turns into unchecked assumptions, it can become dangerous — not just for buyers, but for lenders, operators, and entire portfolios. This week’s installment explores how “fuzzy math” creeps into broadcast valuations, why it persists, and how to…

The distinction must be made between mandatory taxation, imposed by governmental authorities through legislative or regulatory fiat, and the market-mediated economic burden borne by consumers as a result of discretionary purchasing decisions—particularly in response to tariffs or other trade-related price shifts. Broadcast owners face both compulsory costs and discretionary market responses. Regulatory fees, which are…