By Nicolas Claro

Company History

On January 4th, 1996, Michael Eisner and the Walt Disney Company came to an agreement with Capital Cities/ABC on a merger between the two companies, forming what is known today as Disney-ABC TV [1]. In addition to ABC Television Network, Disney-ABC owns multiple cable channels including Disney Channel Disney XD, ABC Family and ABC News, as well as a controlling stake in ESPN and an equity holding in A+E Networks.




Co-Chair, Disney Media Networks
President, Disney/ABC Television Group (2005-2015)


Executive Vice President, Global Communications, Disney/ABC Television Group


President, ABC Owned Television Stations Group


President, ABC Entertainment Group


President and Chief Creative Officer, Disney Channels Worldwide


Co-President, Disney/ABC Television Group (2010-2015),

Co-Chair, Disney Media Networks
President, Disney/ABC Television Group (2015-)




The Walt Disney Company’s first quarter of the fiscal year ended on December 28, 2013. Since the first quarter of the 2013 fiscal year, The Walt Disney Company’s media networks have seen a 4% increase in revenue, and an operating income increase of nearly 20%. However, the company saw a decrease of almost $85 million in income, due in large part to contractual rate increases to Modern Family and other long-tenured shows on the network. [3]

Screen Shot 2014-04-21 at 2.51.16 PM



The cast and crew of Modern Family winning their fourth Emmy in four years. [4]

Disney-ABC has done a very fine job of diversifying their TV offerings, broadcasting programs for every sort of viewer imaginable. The company’s two most popular offerings are 4-time Emmy winner Modern Family [4] and the company’s longest running primetime drama, Grey’s Anatomy. In addition, ABC has created successful shows based on existing third-party content, such as Once Upon a Time and Agents of S.H.I.E.L.D. ABC also airs a large number of successful unscripted shows, such as The Bachelor and Dancing With The Stars, talk-shows in both the morning (The View) and late-night (Jimmy Kimmel Live!), live college football and NBA games, and national news shows such as Good Morning America.

Scandal creator Shonda Rhimes (left) and the show’s star Kerry Washington. Rhimes also created ABC’s long running Grey’s Anatomy. [5]

ABC Family and the various Disney channels offer popular youth-oriented series such as Pretty Little Liars and the cartoon Gravity Falls.

In this upcoming season, Disney-ABC plans to bolster its broadcast schedule even further by collaborating with well-respected directors and producers such as David O. Russell and Bryan Singer on the shows The Club [6]  and Black Box [7] , respectively.


Director Bryan Singer, well known for his directorial work on the X-Men films, is bringing a show to ABC this year. [8]

New King of Late Night?

ABC’s Jimmy Kimmel (Left) and NBC’s Jimmy Fallon (Right) [9]

On April 3, 2014, Late Night host David Letterman announced his retirement from the show, and from late-night TV in 2015. Stephen Colbert will replace him on CBS in the same time slot after his departure. [10] With David Letterman’s retirement in 2015, ABC’s Jimmy Kimmel will have the longest active run of late night hosting on broadcast TV with a consecutive 11 years on the air. Along with Colbert, Kimmel has already begun competing with the recently appointed Tonight Show host Jimmy Fallon on NBC, who’s show shares a timeslot with Kimmel.

So far, among the two shows, The Tonight Show has dominated in TV ratings. However, Jimmy Kimmel Live is fast on Fallon’s heels in the digital department. After a stellar debut week (avg 6.2 million viewers), Fallon’s ratings have come back to Earth (avg 1.8 million viewers in its 2nd week). A report from Nielsen “SocialGuide”’s data, the number of impressions on Twitter for each show are comparable, and Kimmel’s uptick in viewership means that the margin between the two shows is closer than you think. These two talk-show stalwarts look to be set to compete for years to come, and ready to take on all challengers. [11].


The End of an Era?

Will this Aereo antennae (left) be the end of TV as we know it? [12]

On February 14, 2012, a company called Aereo created a product that was designed, in their eyes, to be the future of television. Aereo created a mini-sized antennae that effectively replaced a cable box and allowed consumers to “break free” from cable companies [12], all for a very affordable price of $80 a year. However, by doing so, Aereo was breaking many rules by not paying retransmission fees to the networks it carried, something that the cable providers are required to do. As such, cable companies swarmed Aereo with suits and injunctions within months, but to no avail [13]. 2+ years later, Aereo is still operational, and now more faces have joined in the fight against them, including ABC.

Aereo founder Chet Kanojia [15]

Specifically, their case against Aereo is set to go to Supreme Court review on April 22, 2014, and will likely be resolved by the end of June. If they lose, Aereo could be a signal of what is to come, with other startups following suit, and ducking retransmission fees. However, even if the networks win this battle, has the issue gained enough traction that it has gone down an irreversible path? Many Aereo subscribers, and consumers fed up with their cable companies, are embracing this new technology and championing it as the next big thing. Nobody knows just how this case will play out, but everyone knows that the repercussions will be massive [15][14]


Fighting Fire with Fire

Scandal’s growing social media numbers

Scandal’s growing social media numbers [16]

Recent advances in broadcast technology have seriously hindered TV’s chances at remaining a top broadcast medium in the past few years. Internet piracy, DVR and online streaming services have all impeded on the television’s reign atop the media market. However, it seems that ABC has found a way to turn the tables and use these new developments to their advantage.

The best example of this is ABC’s smash hit show Scandal. ABC has allowed the show’s creator, Shonda Rhimes, to run rampant on social media, and she does so with finesse. Her constant involvement and interaction with fans throughout the show’s run has led to a massive social media following for everyone from Rhimes, to the show’s star, Kerry Washington, to Scandal’s official social media accounts.

To show just how astronomical its rise has been, take Scandal’s social media growth from its premiere up to the third season finale on April 17, 2014. At the former, Scandal had about 500,000 connections on Facebook, Twitter and Youtube combined. As of the third season finale, Scandal has 1.4 million views on its official Youtube page, 2.6 million followers on Twitter and almost 5 million fans on Facebook. As you would expect, Scandal’s most popular demographic is in the 18-49 range, who – not so coincidentally – are the demographic most present on social media networks [16].

Works Cited

[1] THE MEDIA BUSINESS;Disney and ABC Shareholders Solidly Approve Merger Deal

[2] All portraits courtesy of disneyabctv.com


[4] Modern Family – The Television Academy

[5] girltalkhq – ‘Scandal’ & ‘Greys Anatomy’ Creator Shonda Rhimes To Receive Diversity Award

[6] Deadline – Soapy Drama From David O. Russell & Susannah Grant Gets ABC Series Order

[7] Deadline – Bryan Singer To Direct & Exec Produce CBS Series ‘Battle Creek’ From Vince Gilligan & David Shore

[8] IMDB – Bryan Singer photos

[9] tvovermind – Jimmy Fallon and Jimmy Kimmel Agree To Play Nice

[10] CBSNews – Stephen Colbert to replace David Letterman on “Late Show”

[11] thewrap.com – Jimmy Fallon vs. Jimmy Kimmel: The New Late Night Fight, by the Numbers

[12] “Love is in the Aereo” – Aereo.com press release

[13] “Aereo Prevails” – Aereo.com press release

[14] USAToday – Supreme Court case could test future of broadcast TV

[15] Fortune – What happens if broadcasters lose the Aereo case?

[16] How Social Media Helps Drive ABC’s ‘Scandal’

Sinclair Broadcast Group

by Steven Geer

Logo courtesy of www.sbg.net

Headquarters – 10706 Beaver Dam Road, Hunt Valley, Maryland 21030

Telephone  (410)-568-1500

Social Media – LinkedInFacebook, Twitter (@sbgi)

Brief History


David B. Smith, President & CEO – Photo courtesy of Nicholas Griner, Baltimore Business Journal

Sinclair Broadcasting Group is a telecommunications company located in Hunt Valley, Maryland, USA. Founded as Chesapeake Television Corporation in 1971 by Julian Sinclair Smith, its station ownership started in Balitmore (WBFF), Pittsburgh (WPTT/WPMY) and Columbus (WTTE). In 1985, the remaining stocks of the business were bought out by Smith’s four sons and its name was changed to Sinclair Broadcast Group.

Since 1988, David B. Smith has served as President & CEO while the remaining brothers hold executive positions as well. Their leadership brought the company to a new level, expanding both its audience reach and content variety. In 1995, the company became publicly traded on NASDAQ with the symbol SBGI [1][2].

Sinclair Broadcasting was a pioneer of local marketing agreements in the early 1990’s. Though many stations are owned and operated by Sinclair, others are affiliated through LMA’s. Sinclair’s stations are affiliated with major networks like Fox, NBC, CBS, and ABC. Also, this company was one of the first to experiment with “prepackaged” news programs, produced by the news organization, News Central [3].

Sinclair has a diverse array of holdings outside telecommunications as well. Ring of Honor Wrestling is just one of their many subsidiaries. They air the content they produce in certain markets and upload some episodes to YouTube.

Here is Ring Of Honor Episode 54 from October 11, 2012:

Recent Acquisitions and News

A buying spree in 2011 and early 2012 added the assets of Four Points Media Group, the Freedom Communications stations group, and six stations from Newport Television [4][5][6]. Sinclair Broadcast Group now operates the largest number of local television stations in the United States.

Their most recent acquisitions closed December 1, 2012  and include stations in new and previously established markets. In addition to increasing the audience reach of Sinclair 3%, these purchases also increased the number of affiliated stations in Sinclair’s portfolio. Some of the stations now owned by Sinclair are WTTA (MNT) Tampa, KBTV (FOX) Beaumont, WKRC (CBS) Cincinnati, WOAI (NBC) San Antonio, WHP (CBS) Harrisburg, WPMI (NBC) and WJTC (IND) Mobile, KSAS (FOX) Wichita, and WHAM (ABC) Rochester.

See all of Sinclair’s holdings and their information here.

Sinclair’s Markets – Map courtesy of Sinclair Broadcast Group

The failure of New Central and Sinclair’s profile as a “profit first, journalism second” broadcaster prompted the company to shift its focus to quality news in local markets. Sinclair’s recent acquisitions included many local news stations, atypical purchases for the company, but smart because of their powerful local presence. Sinclair has even joined the National Association of Broadcasters, a sign that they’re willingness to participate in Washington alongside competitors [7].

Hurricane Sandy had a large impact on many viewers in Sinclair’s markets, creating an opportunity for the company to serve its local constituents. During the storm, Sinclair provided non-stop coverage by “simulcasting” the news programs online. This allowed those without power to access it using mobiles phones and tablets. Online streaming and other technology platforms are being considered at Sinclair Group. Chief tech executive Del Parks spoke for the company claiming that the multiscreen experience is, “a very personal thing for our news operations.” Simulcasting was also used this fall in local office campaigns within certain Sinclair markets by streaming town hall debates on their website [8].

On November 13, 2012 it was announced that Sinclair Broadcasting would be partnering with Datasphere, a technology company aimed at small business solutions in major media and reaching the hyperlocal market. Sinclair’s television station websites will be retrofitted with Datasphere’s event calendars for local event lists in each market. An example of this calendar can be seen on WBFF Baltimore’s event website. This will be used alongside a whole new technology platform at Sinclair Group. It is a full-sized service that connects local small businesses to media companies for advertising needs. Datasphere’s services will be introduced into 21 markets including Austin, Baltimore, Columbus, Dayton, Nashville and San Antonio [9].

Sinclair attends many industry conferences. Their next conference is the JP Morgan Global HYLFC in Miami Beach, February 25-27, 2013.

Financial Overview

Sinclair’s income statement for December 2, 2012 shows the stock price settling at $11.03; this is still low compared to their period of $14.00+ shares back in 2003-2004. This company has battled through the economic recession, however, showing staggering growth in returns over a three year period. In fact, they’ve quadrupled the 3 year return percentage of their competitor Belo Corporation from 2009 to 2012 [10].

SBGI Total Returns Comparison

Chart courtesy of www.ycharts.com

Three year returns are a significant figure for a long-term shareholder of this company. High returns indicate a growing business. Sinclair has rebounded from the recession and continues to show steady growth.

High third quarter revenues this year were reported following Hurricane Sandy’s aftermath. The 44% increase from $181 million to $260 million was attributed to political advertising associated with the campaign season and a spike in automotive advertising on Sinclair’s stations. After reaching retransmission agreements with networks like Comcast and Dish, Sinclair found that higher retransmissions revenues also contributed to the figure [11][12].

Hear or watch the rebroadcast of the 3rd quarter 2012 earnings results here.

Sinclair’s financial calendar is as follows:

  • February 6, 2013 – Fourth Quarter 2012 Earnings Report
  • May 1, 2013 – First Quarter 2013 Earnings Report
  • June 16, 2013 – Annual Shareholders Meeting
  • August 7, 2013 – Second Quarter 2013 Earnings Report
  • November 6, 2013 – Third Quarter 2013 Earnings Report


Sinclair Broadcasting, though successful and respected in the industry, is not immune to scrutiny by its competition and the public eye. The company is known for blatantly taking sides on social and political issues including political campaigns. A conservative bias can be noticed in the programming Sinclair chooses to air around election time. Even so, they deny any partisanship and claim to only be informing and engaging the public.

Photo courtesy of cbs12.com

The 2012 Presidential Campaign was another opportunity for Sinclair to garner the profits of political advertising at the cost of their audience’s scheduled news programming. The decision to preempt regular programs in order to air the “ABC 6 Election Special – VOTE 2012” didn’t sit well with supporters of Obama [13]. The special was aired in markets all located in battleground states.

A writer for The Baltimore Sun wrote in an article that, “the only thing that was lower than the attack-ad-dominated style of campaigning by both sides was the performance of an increasingly superficial and partisan press,” [14][15]. Sinclair has since rejected the criticism, claiming that the specials were focused on the issues and not so much the candidates, and that the markets where they were aired had more “news value.” [16]

Watch a recap of the election special here.

In a dispute with Dish Network this past August, Sinclair was ready to black out 74 of its stations carried by Dish when they wouldn’t accept a new retransmission agreement. A public exchange of words between the two companies resulted in high tensions and little motivation for Sinclair to bargain with the distributor. Dish claimed that Sinclair was charging more than any other broadcaster, resulting in higher subscription fees for customers. Sinclair, however, views retransmission fees as an important resource for the company. A multi-year consent agreement was finally reached after several weeks. Sinclair has become increasingly aggressive towards television providers and retransmission fees. Similar disputes between Mediacom, Time Warner, and Comcast all ended with agreements favoring Sinclair [17].



[1]: http://www.sbgi.net/about/history.shtml

[2]: http://www.nasdaq.com/symbol/sbgi

[3]: http://www.sbgi.net/about/profile.shtml

[4]: http://www.broadcastingcable.com/article/473517-Sinclair_Grabs_Four_Points_Stations_for_200_Mil.php

[5]: http://www.reuters.com/article/2012/07/19/sinclairbroadcast-acquisition-idUSL4E8IJ3M120120719

[6]: http://www.reuters.com/article/2012/07/19/us-sinclairbroadcast-acquisition-idUSBRE86I0OY20120719

[7]: http://www.broadcastingcable.com/article/481963-Local_TV_s_Death_Star_Gets_in_Sync.php

[8]: http://www.tvnewscheck.com/article/63574/second-screens-now-a-necessity-at-sinclair

[9]: http://www.sacbee.com/2012/11/13/4981878/datasphere-teams-up-with-sinclair.html

[10]: http://ycharts.com/companies/SBGI/performance

[11]: http://www.google.com/hostednews/ap/article/ALeqM5hmOfM9u5nekq4hbPyXAmLOj9OErg?docId=365c480866ce41d9b245673a0f614900

[12]: http://www.broadcastingcable.com/article/490194-Sinclair_Revenue_Up_49_.php

[13]: http://www.mediabistro.com/tvspy/sinclair-under-fire-for-airing-partisan-special-on-stations-in-battleground-states-on-election-eve_b68439

[14]: http://articles.baltimoresun.com/2012-11-07/entertainment/bal-election-night-tv-twitter-youtube-20121106_1_sinclair-stations-baltimore-s-wbff-sinclair-broadcast-group

[15]: http://www.commonwealmagazine.org/blog/?p=21681

[16]: http://www.tvnewscheck.com/article/63412/sinclair-rejects-criticism-of-election-specials

[17]: http://www.deadline.com/2012/08/dish-network-sinclair-retransmission-agreement/




















Gannett Broadcasting

by Scott Weinstein

Gannett Co., Inc.
7950 Jones Branch Drive
McLean, VA 22107-0150
703-854-6000 / www.gannett.com

A Brief Overview

In 1923, Frank Gannet founded Gannett Company, Inc. in Rochester, New York. It began as an extension of Gannett’s newspaper company that was founded in 1906 and has expanded to a multi-media company that no longer just publishes newspapers (1). “Gannett is a media and marketing solutions company with a diverse portfolio of broadcast, digital, mobile and publishing companies.” They own more than 90 daily newspapers, about 1,000 weekly newspapers, 23 television stations and many more media holdings. Gannett operates in 41 U.S. states and six countries (2). Gannett is expanding its brand and as the CEO, Gracia Martore said at the UBS Global Communications Conference, “The media business does not stand still for even a minute we take for granted that change is relentless and we have to show up with our A game everyday.” (3)

Gannett Broadcasting: Company Overview

Gannett Broadcasting’s division is comprised of 23 television stations and its subsidiary Captivate. The former reaches 21 million households in 20 markets, which is approximately 18.2% of the U.S. population (2). The latter is a company that delivers news, information, and advertising through video monitors in elevators. They are currently located in North America and reach more than 4 million workers (4). At the end of 2011, the amount of employees, both full-time and part-time, totaled about 2,600 (5).


Executives (6)

The Faces of Gannett Company, Inc. (Lougee, Beall, Martore, Harker)(16,17,18,19)

Broadcast Office

David T. Lougee , President, Gannett Broadcasting

Lynn Beall; Executive vice president, Gannett Broadcasting, and president and general manager, KSDK-TV, St. Louis, MO

Company Office

Gracia Martore, President and Chief Executive Officer

Victoria D. Harker, Chief Financial Officer


As noted earlier the company owns 23 different television stations across the country, in 21 different markets. Seven of the 21 markets owned by Gannett are in the top 20 market (7).

(20, 21, 22, 23)

The stations are comprised of 12 NBC affiliates, 6 CBS affiliates, 3 ABC affiliates, and two MyNetworkTV affiliates. These affiliation agreements expire with NBC in 2017, with CBS in 2015, and with ABC and MyNetwork TV in 2014. The most successful weekly audiences, based on the November 2011 Nielsen sweeps, are the CBS affiliate in Washington DC (WUSA-TV) with 1,797,000; the NBC affiliate in Atlanta, Georgia (WXIA-TV) with 1,602,000; and the NBC affiliate in Minneapolis-St.Paul, Minnesota (KARE-TV) with 1,297,000. (8)

The ratings of these stations continue to do well. Lucky for Gannett, more than half of its stations are NBC affiliates, and this past November was the first time since 2003 that NBC ranked number one in the Nielsen prime time ratings programming amongst adults 18-49. This increased revenue, as many people tuned into the NBC programming. Furthermore, the past Summer Olympics in London were the most watched games in Olympic history, attracting more than 200 million people. KUSA-TV in Denver was the top rated NBC market affiliate during the two-week span of the games. Their Atlanta and Minneapolis NBC affiliates were ranked second and third respectively; and their St. Louis and Phoenix did well. In total the Gannett owned affiliate stations took six of ten top NBC affiliate markets in terms of ratings during the Olympics (3).

Arizona FlagstaffPhoenix KNAZ-TV (NBC)KPNX-TV (NBC)
Arkansas Little Rock KTHV-TV (CBS)
California Sacramento KXTV-TV (ABC)
Colorado Denver KTVD-TV (My Network TV)KUSA-TV (NBC)
District of Colombia Washington WUSA-TV (CBS)
Florida JacksonvilleTampa-St. Petersburg WJXX-TV (ABC)WTLV-TV (NBC)WTSP-TV (CBS)
Georgia AtlantaMacon WATL-TV (My Network TV)WXIA-TV (NBC)WMAZ-TV (CBS)
Maine BangorPortland WLBZ-TV (NBC)WCSH-TV (NBC)
Michigan Grand Rapids WZZM-TV (ABC)
Minnesota Minneapolis-St. Paul KARE-TV (NBC)
Missouri St. Louis KSDK-TV (NBC)
New York Buffalo WGRZ-TV (NBC)
North Carolina Greensboro WFMY-TV (CBS)
Ohio Cleveland WKYC-TV (NBC)
South Carolina Columbia WLTX-TV (CBS)
Tennessee Knoxville WBIR-TV (NBC)


Financial Information

Gannett Company, Inc. is a publicly traded media holding company (GCI). On October 15 the third quarter results were released, and the broadcasting division’s success was monumental. Both revenue and profits were at a record high in all of Gannett broadcasting history. The operating revenue increased 36% from $174.3 million the last 3rd quarter to $237 million during the most recent 3rdquarter.  The television revenue was also up 38.1% from $168.8 million a year ago to $233 million. The substantial increase is mostly attributed to advertising, which includes $41.7 million spent on political advertising and $37 million spent on the summer Olympics related ads. The Olympics brought in an unprecedented amount of revenue from advertising. Their total was up 18% from four years ago during the Beijing Olympic games. Part of the explanation was that Gannett reached out to local advertisers to sell television time to. Lougee is looking to increase the revenue even more during the 2014 Winter Olympic games in Sochi, Russia. In total, political revenue for the year will be $150 million. Prior to the 2012 election, Gannett lacked a strong political footprint, but that changed during this election. Because of more local coverage of elections, especially in swing state markets including Colorado, Florida, and Ohio, political advertising increased by a significant margin. Another source of the revenue came from retransmission fees, which accounted for $22.3 million. With retransmission consent in 2013, Gannett  will receive 135-140 million from distributors, which is up 41 to 46% from 2012. The fourth quarter results are expected to be at an all time high. When the books are closed for Gannett’s fiscal year, the broadcasting division will report record growth and revenue (3) (9).

YTD Stock Price (December 6, 2011-December 6, 2012) (24)

As far as the stock market is concerned, the current share price for GCI is $17.88. Their share price has seen an incline for the most part, as a year ago it was being sold at $13.13 (10) Just recently, a report was released by Dividend Channel that named them the top dividend stock with insider buying. On October 23, the Board of Directors of Gannett announced that a dividend of $0.20 per share would be payable to stockholders just after the new year. As of now the company is on track to return dividends up to $1.3 billion through 2015. Throughout the UBS Global Media and Communications Conference a common theme that both the CEO and CFO spoke about was making sure an increasing level of capital is returned to their shareholders. Furthermore, there is currently a large amount of cash flow totaling over one billion dollars. That money will be used to return even more cash and to invest into things that will expand the Gannett brand (3) (11).

Recent Happenings

Gannett and Dish Network

In late May, Dish Network introduced its Auto Hop feature available on its DVR service. This new technology allows users to skip over commercials on broadcast networks. While this is beneficial for TV viewers it hurts the broadcasters who lose advertising revenue. As a result of this feature, Dish Network and Gannett were having difficulty renewing their retransmission agreements (12). Gannett was looking for a 300% rate increase to compensate for the loss of revenue from advertisers. Dish Network’s stance was that they wanted to take a stand for customer choice and control. Fortunately for subscribers, rather than suffer from a blackout, the two companies reached a deal as the October 7th deadline was slightly extended. The terms of the deal have not been released, but the new contract is long term according to press releases by both companies (13).

Gannett and DirecTV

DirecTV customers narrowly avoided a blackout of Gannett television stations across the country. As the November 30th deadline approached, Gannett warned their viewers that they may experience a blackout of affiliate stations until an agreement was reached. This was all because Gannett was looking for a fair deal for retransmission fees, while DirecTV said that Gannett was trying to get customers to pay almost twice what they pay now for their stations. While the deal was made by the deadline, the details of the agreement have not been made public yet (14).


1. History of Gannett

2. Background info on the company

3. 40th Annual UBS Global Communications and Communications Conference Slide Show presentation Dec 5, 2012

4. About Captivate

5. 2011 Annual Gannett Company, Inc. Report

6. The Gannett Company, Inc. Leadership Team

7. http://www.stationindex.com/tv/tv-markets

8. 2011 Annual Gannett Company, Inc. Report pgs. 14-17

9. Q3 Earnings, October 15, 2012

10. Google Finance

11. Press Release, December 5, 2012

12. http://online.wsj.com/article/SB10000872396390443768804578038742408997314.html

13. http://www.reuters.com/article/2012/10/08/us-dish-gannett-idUSBRE89403I20121008

14. http://www.rapidtvnews.com/index.php/25251/gannett-directv-avoid-local-tv-blackout.html

15. Captivate Image

16. Lougee image

17. Beall image

18. Martore image

19. Harker image

20. MyNetworkTV image

21. NBC image

22. ABC image

23. CBS image

24. Google Finance image

25. Dish Network image

26. DirecTV image

27. Gannett image