Cable & Broadcast- two peas in a pod. Their business models have been impacted by CTV & Streaming
Cable and broadcast have always been frenemies.
The cable companies definitely need access to the local channels to get subscribers. The local broadcasters need cable for distribution and very important retransmission fees.
OTT, CTV, Streaming, Cord Cutting have interfered with that long-term relationship. It would seem that as cord-cutting continues retransmission fees would drop. It would appear that the incompatible relationship that broadcasters and cable companies have lived with would soon die.
According to an article published in TV REV https://www.tvrev.com/news/wir20230811 the relationship is still going strong. The article indicates that Fox made $1.77 billion from retransmission fees in Q2 2023 alone. The whopping 1.77 billion made up 58% of the $3.03 billion in revenue Fox earned in Q2 2023.