Vanita Kohli-Khandekar
Robin Jeffrey
3/22/2016
Sanjay Ranade, Head, DCJ, UoM
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Why Media Matters
 Investors have poured in over Rs 20 billion into the
Indian media and entertainment (M&E) industry over
2004 and 2005.
 Across the business, in multiplexes, digital theatres,
publishing, DTH broadcast services, film production
and distribution, television software, and several other
areas investors are parking their money and sitting
back to wait for the market to deliver.
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Why will the Indian market deliver?
 Democracy
 Profits and returns
 M&E liberalisation
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The Indian industry is small by
global standards
 At Rs 420 odd billion or over $9 billion it is a tiny
fraction of the global market that is estimated to touch
$ 1,375 billion in 2005.
However, India is one of the most important markets for
investors within the Asia-Pacific from a growth
perspective.
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 What could trip this growth are not limitations of size
but haphazard regulation.
 There is ad hocism in India’s media policy and policy
makers have yet to learn to separate infrastructure
from content.
 This leads to the constant threat of content regulation
by government.
 However, as Indian media companies gain in size and
power they will be able to lobby better and tackle the
bogey of regulation better.
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Another factor that could trip
growth is that all media is booming
at the same time.
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Press
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In 2005, print seemed to pick up
business to the extent that it
appeared to beat television.
There were three reasons why this
happened.
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 In 2004, print actually gained in ad revenues over TV.
 Across the country young blood was taking over the
print business from Malayala Manorama in Kerala, to
Jagran Prakashan in Uttar Pradesh to Bennett,
Coleman & Co in Mumbai.
 Foreign institutional investment into print was
allowed in 2005 making it easier for financial
investors to pick up shares in publishing companies –
this increased liquidity or tradability of shares of listed
print company – this made it easier for private equity
investors or others to exit from the company when
they wanted to.
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As a result after decades of
inaction over Rs 10 billion of
capital came into the sector over
2004-05
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 Apart from the growth in circulation and therefore a
dependable ad-revenue business there was the
potential of being in one of the youngest markets in
the Asia-Pacific region where newspaper circulation
and readership was growing - the other two being
China and Singapore.
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The optimism drove some of the
largest media deals of the time…..
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 Henderson Asia Pacific Equity Partners picked up an
over 19 per cent stake in HT Media for about Rs One
billion.
 Business Standard-Financial Times and Dainik JagranIndependent followed.
 The Hyderabad-based Deccan Chronicle Holdings
targeted Rs 1.3-1.5 billion and raised Rs 1.49 billion
from an issue that was oversubscribed 9.5 times.
 In August 2005, HT Media raised Rs 4 billion and
made it to the top ten media IPOs in Asia over 2004
and 2005. It gave HT Media a valuation of Rs 24.95
billion – over 90 times the profit it made in the
financial year ending March 2005.
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 From the first newspaper to the newspapers of the pre-
independence years, the aim was a cause, a revolt, a
message and a tool to counter propaganda or spread
some of their own.
 Many of the top publications today are the ones that
have lived through the freedom struggle- The Times of
India, Mumbai Samachar, Malayala Manorama,
Ananda Bazaar Patrika and The Hindu.
 Many of these newspapers were financed by
benevolent or patriotic businessmen or through
donations.
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 Indian publishing was always a family owned business
that never looked beyond its own general reserves and
the owner’s limited vision of growth.
 For a long time Indian publishers did not thing of their
publications as a business.
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 The First Press Commission report (1953) looked
carefully at the capital invested, returns generated and
revenues and costs of newspapers.
 There is a heavy influence of socialism and the notion
of protecting anything small against anything big.
 It talks of limiting the growth of large metropolitan
newspapers. There is a proposal to make it mandatory
for large newspapers to increase their price when they
increase their pages – this later morphed into the
Newspapers [Price and Page] Act.
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A comment from the report said
 The great advantages possessed by the metropolitan
press has tended to draw away from the districts the
talent that might have gone into the development of a
local press. We do not consider concentration of the
press in metropolitan cities a desirable feature,
however inevitable it was in the early stages.
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 A sample of 127 dailies had total revenues of Rs 110 million.
 The split between circulation and advertising revenues was
a healthy 60:40. It showed that the industry was not
completely advertising driven and that readers were paying
the bulk of the cost of producing and selling a newspaper.
Today on an average only 15-20 per cent of the revenue of an
English newspaper is recovered from circulation revenue.
Advertising is the biggest and only alternative source for most
newspapers.
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 Out of 47 companies only the 19 that were more than
15 years old gave a return of more than ten per cent on
capital invested.
 As a whole the industry generated a profit of Rs 0.6
million or less than one per cent on a capital
investment of about Rs 70 million.
 The industry was owner-driven, capital intensive,
long-gestation business and it remains that way
even today.
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Why then did proprietors remain in the
business? – according to the Press
Commission report
 The rest of the industry was flush with post-second-
World War profits which were parked in various
businesses – print was one of them.
 Money also came in from persons anxious to wield
influence in public affairs
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 Many of the things the Press Commission said in its
1953 report remain true today. Newspapers continue to
be a capital intensive, long-gestation, low-return
business.
So why do people continue to be
drawn to it?
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 If a newspaper is at no 1 or 2 or 3 even then it tends to
get a disproportionate share of revenues and profits.
This is true for every medium. (BCCL, which
publishes the TOI generates anywhere between 25-40
per cent in gross margins. In FY 2003-04 its net profit
was over 20 per cent, above the average in many
industries).
 Newspapers are still treated as tools of influence.
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Yet, newspaper as a business
attracted very few entrepreneurs,
especially in the 60s and the 70s.
This was because it was, and still is
to some extent, a difficult business
to be in.
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Reasons
 Low returns
 High capital investment
 Shortage of newsprint – especially in the 60s and 70s -
the Newsprint Control Order 1962 fixed quotas on the
basis of a CA certificate on proof of circulation. Only
30 per cent of the requirement could be imported
through the State Trading Corporation. The rest had to
be purchased from domestic producers who sold poor
quality newsprint.
 Importing printing machinery in the age of duties as
high as 100-150 per cent
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 Publishers, on the other hand, were guilty of under
invoicing of newsprint and selling off the surplus in
the black market.
 Newspapers were registered and licences procured to
import newsprint and these were sold at exorbitant
rates.
 Editorially too, there were biases for and against
specific politicians and government in general and the
media appeared to have an agenda of its own.
 There were arbitrary levies on newsprint, a wage
tribunal was set up and mandated salaries, curbs on
freedom of the press were instituted during the same
period.
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This was the period when the trade
unions within the media industry
had begun to strengthen
themselves both for rights of
journalists as well as the employees
in the printing presses.
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The transformation of the
publishing industry into a
business began post 1977, after
the National Emergency
declared on June 25, 1975, was
lifted.
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Three factors were responsible
for this
 Growth of literacy
 Rise of capitalism
 Spread of technology
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Eenadu – owned by Ramoji Rao with interests in
Margadarsi Chitfunds, Priya Pickles and Hotels
 Launched in Hyderabad in 1975.
 Competitor was Indian Express’ Andhra Prabha with 74,000
copies. Andhra Patrika, another competitor was losing
circulation.
 Editions launched – Tirupati 1982, Ananthapur 1991,
Karimnagar 1992, Rajamundry 1992.
 By 1978 Eenadu surpassed Andhra Prabha in circulation.
 By 1995 Eenadu commanded 75 per cent of the audited
circulation of Telugu dailies.
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Mid-day – launched in 1979, an
afternoon daily
 The paper led to the closure of TOI’s Evening News.
 The 16-page tabloid was priced at 25 paise.
 Its revenues in March 2005 were Rs 1.02 billion up from
Rs 70 million in 1983.
 It launched the Sunday Mid-Day, Gujarati Mid-Day
and even a Delhi edition, which was sold off later.
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Magazines launched at the time offered more
than just politics, were in colour and made a
difference to how much advertisers and readers
were willing to pay for the same product
 India Today
 Sunday
 Stardust
 Savvy
 Debonair
 Society
 Island
 Parade
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Chitralekha – Gujarati magazine
 Shifted to offset printing in the late 70s
 Introduced computers for the first time in 1981.
 Began to take colour ads and pushed its cover price
from 60 paise to Rs 1.80.
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Newspapers caught up with
supplements
 TOI came up with the full colour The Sunday Times,
The Sunday Review, Brand Equity and a host of
supplements that followed.
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Samir Jain years and the transformation of
BCCL
 Took over in 1986
 The family business New Central Jute and Rohtas Industries






were in decline
Hired people from FMCG background and fixed value targets
instead of volume targets for his sales people
Launched colour supplements
Differential pricing
Cross brand advertising packages
Price cutting
Shut down ‘editorial’ brands like the Illustrated Weekly,
Dharmayug, Dinman and Vama because they were not making
money.
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Rasna was the first ad that encroached on
editorial space in The Saturday Times, a colour
supplement from TOI.
The notion that there should be a total divorce
between a paper’s editorial and its marketing
was completely shattered by Jain.
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 By 1992, both newsprint and printing machinery were
placed under the open general license, making import
easier
And
 Advertising was changing hands with multinational
corporations taking charge of the ad industry.
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While the publishing industry was busy with
discovering the business of publishing it
missed the opportunity of the future –
television.
 Except for BCCL, Living Media and Business India
nobody saw an opportunity in broadcasting or cable.
 It took a CNN and a Star TV to make publishers
realised the potential in broadcasting
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 Between 1976 and 1996, the total daily circulation of all
Indian newspapers increased four times, and by 1996
there were five times as many newspapers published as
in 1976.
 The winners in this newspaper boom were daily papers
printed in vernacular languages. By the early 1990s, the
circulation of Hindi newspapers was almost three
times that of the English press.
 The English-language press also grew, but it did so
much more modestly.
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Sustained by advertising, the boom of
Indian-language newspapers
transformed readers into consumers at
the same time as it met their increased
desire for information and political
participation.
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 Computers made both printing in Indian characters
and distribution across the Indian territory easier. For
this very reason, in post-Emergency India, computers
also became one of the means whereby “locales are
thoroughly penetrated by and shaped in terms of
social influences quite distant from them”
(The Consequences of Modernity, by Anthony Giddens [Stanford, Calif.:
Stanford University Press, 1990], p. 18).
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The Satellite TV years
 Came to India in 1991
 Zee, Sony, Home TV, Sun TV launched between 1991
and 1995.
 Publishing was dominant with a 70 per cent share of
the market.
 Television made newspapers less newsy.
 Television began to eat into print’s share of audience.
 General interest magazines suffered and special
interest ones – A&M, Dalal Street Journal, Dataquest,
Health & Nutrition – took off.
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The shape of the Indian print
industry today is like no other
in the world
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Reasons
 Low literacy – differential in ad rates, dominance of
English
 Strong sense of the ‘national’ – all brands want to be
seen as being ‘national’ brands
 Dependence on advertising – cover price, advertising
tariffs, cost cutting are only tools available – debate
about the mix of advertising and editorial is reduced to
one of degree of intrusion, not the right or wrong of it.
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Possible solutions
De-risking the business by
 getting into other media,
 increasing revenue streams from publishing,
 creating a pan-India presence.
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 Living Media spun off a television division, placed equity





with financial institutions and took its television business
public.
Hathway welcomed Star India into the cable business
Mid-Day took a shot at outdoor media, radio and even a
free newspaper, Metro, in Mumbai
TOI successfully entered Internet, TV and popular music,
forayed into radio and even into real estate and banking.
Dainik Jagran launched more editions and a television
channel.
Dainik Bhaskar launched several Hindi editions, Divya
Bhaskar in Gujarati and DNA in English in a joint venture
with Zee Telefilms.
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Hurdles to de-risking
 Lack of access to capital
 Owner’s love of their stake
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In June 2002 the government
decided to allow 26 per cent
FDI into Indian print. The policy
was further liberalised in 2005.
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Rules for FDI in print are
 FIIs to be part of the 26 percent investment in print media in the news
category
 Publication of Indian editions of foreign scientific, technical and
specialty magazines, periodicals and journals.
 Foreign investment up to 100 per cent in Indian entities publishing
scientific, technical and specialty magazines, periodicals or journals.
 All registered newspapers (Indian publications) are authorised to make
syndication arrangements to procure material including photographs,
cartoons, crossword puzzles, articles and features from foreign
publications under automatic approval. The total material so procured
and actually printed in an issue of an Indian publication cannot exceed
20 per cent of total printed areas of that time. It should not include full
of copy of editorial page or the front page or the masthead of the
foreign publication.
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 The business environment became ‘competitive’ than
‘protective’
 Other ways of raising capital than debt
 Problems of liquidity and exit resolved
 Expansion and diversification emphasised
The battle for the Rs 15 billion of total
advertising monney spent on reaching
Indians in Mumbai is a case to study
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The Economics of the
Publishing Business
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Costs
 Depends on number of pages, the extent of colour,
quality of paper and total circulation – these are
variable costs that change year on year.
 Staff costs and other overheads – about 12 to 20 per
cent are relatively fixed.
 Marketing costs – depending on level of competition
and degree of expansion and diversification
 Distribution costs – trade margins (up to 40 per cent of
the retail price of a newspaper and 45 per cent for a
magazine), returns or unsolds (vary between 1-5 per
cent).
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Revenues
 Circulation – the difference between cover or retail price




after deducting trade margins and cost of unsold copies
Advertising – About 80 per cent comes from this source
that can be judged from ad rates and volumes
Subscriptions – unless a product is making a profit on every
copy sold and sent to subscriber this tool is more used to
ramp up circulation numbers and then used to demand a
higher rate from advertisers.
Brand extensions – events, TV programmes, seminars etc
Online/Internet – Not as yet considered a very significant
tool
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The numbers for revenues and
costs and therefore margins
depend on
 Position of the product
 Language
 Niche versus mass
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Metrics
 In the late 80s and 90s, media buyers took whatever
rate the newspapers offered without much
negotiating.
 Till satellite TV took off in 1992 a media buyer had to
simply figure out which market a brand was
addressing.
 Since the magazine boom was still going strong, the
real analysis took place while buying magazines.
 Large media buyers contracted ads of a certain ‘cc’
space in a certain publication for a year and got bulk
discounts.
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The big difference between then
and now is the respect that
language publications have gained.
The big similarity between then
and now is that dailies were and
still are the most powerful vehicles
to advertise in.
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 The important task is not deciding what brands to buy
but to eliminate the duplication of readership.
 Around 1989, Indian Market Research Bureau (IMRB)
introduced the sofware called PEM that helped do the
‘duplication tables’ faster.
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The biggest change in the
buying and selling function in
the last few years has been
consolidating of media buying.
It started in the mid-90s.
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Reasons for consolidation in
India different from the UK or
the US
 Fragmented Indian consumer market
 Fragmented and small size of the media.
 Volatility in rates
 Fragmentation kills margins because the costs of
doing business go up.
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Media buying and planning
agencies brought order to this
chaos then.
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 Consolidation happened because several creative
agencies typically handled different brands.
 In the mid-90s MNCs like HLL and P&G two of the
biggest advertisers in those days unbundled media
from creative.
 A large MNC with several brands has to choose
between 100 channels, several dozen newspapers, halfa-dozen radio stations, outdoor, cinema, multiplexes,
mobile and other options for advertising – buying
separately for each brand brings no economies of
scale.
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 In 1994 HLL started experimenting by having one
agency for six months each to do all its buying.
 In 1995 it invited all its three agencies for a pitch and
HTA set up Fulcrum, which still manages all of HLL’s
media business.
 P&G, Coke, and most other major multinational
Agencies-of-Record (AORs) happened around the
same time.
 1997 saw Carat, the first independent media agency.
All of them changed the texture, form and
structure of media buying in many ways.
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The numbers game
 Till consolidation happened buying and selling was
about relationships, intuition, gut feel.
 The planner at the creative agency brought an
‘understanding’ of brands, markets, and media to the
table.
 Media agencies shifted the focus to ‘efficiencies’, ‘rates’
and ‘numbers’ that looked more reliable and tangible
especially on balance sheets where the largest items of
costs were advertising and an attempt to push them
down was encouraged.
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Most agencies began to fight
not on the fact that they
offered a better, more
impressive way of reaching the
consumer but on rates!
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 This extreme number game has led to
an atmosphere of mistrust where
creative is taking a call on creative,
media buyer is talking rates and PR is
pushing editorial content leaving
media owners feeling cheated.
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Hugo Boss – looking past the
Excel sheet
 P&G launched Hugo Boss, a premium product, for women
in India in 2002.
 Target audience was ‘premium’ defined as English
speaking types in the age group of 15-30 years reached
through English magazines like Verve and Elle.
 Starcom, Leo Burnett’s agency decided to research if the
target audience arrived at ‘intuitively’ was right and found
that the audience believed that good fragrances hit
overseas markets first and usually asked friends to get
them. They also used the product only on special occasions
so consumption was less.
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The real consumers?
 Wives of Gujarati and Marwari speaking traders and
brokers who watched soaps in the night and repeats in the
afternoon, met to discuss the stories and wrote to Balaji
Telefilms once a week.
 The media plan did a U-turn and a bulk of the money was
spent on mainline Hindi general entertainment channels.
 In three months Hugo Boss became the largest-selling
foreign premium fragrance brand making India P&G’s
third-largest market for the brand outside of Europe and a
case study in the P&G network.
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The transition from a numbers and rateoriented media market to a consumerfocused one is happening but not by design
and not very fast.
There are three steps agencies, owners and
advertisers are taking that are driving the
impact forward
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Getting into the show
 Inject the brand within the editorial pages of
newspapers and magazines of within TV shows or
films or a radio programme.
 It is called in-programme advertising or ‘soft’
advertising and it beats personal video recorders
(PVRS) used in countries like the US by viewers to
avoid ads.
 Advertorials
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Walking all around
 The best way for media agencies and owners to deliver
impact is by offering the very things advertisers are
looking for – whether it is inside a programme or
outside.
 Non-media events, shows, promotions, school contact
programmes, merchandising and other ‘value adds’ are
now offered routinely to advertisers
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Combo
 A long term solution is to make media buying an
investment centre, no a profit centre by combining
creative with media buying.
 The ‘integrated planner’ examines the consumer from
a creative, account planning, and media angle and
plans media strategy.
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However to make some sense of the
bewildering maze of options, where
someone who has just been hired is
deciding how the money will be spend and
some form of corruption, either in the
quality of buys or in the actual money spent
is inevitable, an audit of the media buying
becomes imperative.
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The important metrics in the
publishing business are
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Circulation
 Measured by the ABC set up in 1948 and made up of
advertisers, advertising agencies and publishing
companies
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Readership
 Number of readers as opposed to buyers. NRS initiated
in 1974 using an urban sample of 50,000.
 Readership is measured using the mast head method
where respondents are shown a black and white
reproduction of the mastheads of newspapers and
magazines.
 The time interval for a daily is the estimated number
of readers that has looked at any issue of that daily
‘yesterday’. For a weekly it is ‘the last seven days’. This is
called the ‘recent reading method’.
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 The average issue readership segregates readers into
heavy, medium and light readers – heavy readers are
those who read for more than 10 hours a week,
medium give it between 3.01 to 10 hours and light
readers give it less than three hours a week.
 To counter NRS, supported by large number of
newspaper groups, the Indian Readership Survey was
launched in 1995.
 Some media users got together to create the Media
Research Users Council (MRUC).
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 IRS is a random sample survey wherein 2,20,000
respondents are selected and projected to the universe
based on the last available census.
 The IRS is a continuous survey, with ten months of
fieldwork every year so that the data is released twice a
year and also to mitigate any seasonal biases.
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Reach
 Measured in circulation and readership numbers.
 It is also calculated as a percentage of the population
penetrated in a certain target group.
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Cost per thousand
 This is the cost of reaching thousand people through a
particular newspaper or magazine.
 These days planners also look at the average cost per
issue versus the readership.
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Television
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 The first experience with television broadcasting in
Indian involved a makeshift studio at Akashvani
Bhavan in New Delhi, a low- power transmitter and 21
television sets.
 These were installed in the homes of various
bureaucrats and ministers.
 Some of the equipment was a gift from a west
European government.
This was September 1959.
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 Today there are about 160 satellite channels earning
revenues of more than Rs 79billion from advertising
alone.
 Add revenues from cable advertising, DTH,
subscription and so on and the industry stands at close
to Rs 185 billion.
 At over 108 million TV homes, more than half of them
cable-enabled, India is one of the largest cableconnected countries in the world, after China with 110
million and US about 70 million.
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Yet, it is unable to achieve the
shine of a China or excite the
interest of a Brazil for three
reasons
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Size
 At an estimated $7 billion, China’s TV broadcasting
business is just under twice the size of India’s.
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Bureaucracy and regulation
 Ad hocism is the hall mark of Indian policy over
broadcasting.
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Fragmented industry
The fragmentation is across its three main segments –
software, distribution and broadcasting.
 Software has an estimated 6,000 one-man outfits.
 Distribution has 35,000 operators who control the
approximately 60 million cable homes
 TV broad casting is yet to see a pan Indian behemoth.
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The next round of growth that
will give Indian broadcasting
some heft will come from pay
television
 There are already four distinct platforms that offer TV
programming – terrestrial, cable and satellite, DTH
and IPTV. A fifth that is emerging is mobile phones.
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 To accelerate this growth and ensure
this choice, regulation has to
‘incentivise’ investment in
broadcasting infrastructure instead of
focusing on what Indians should or
should not watch.
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Three steps that need political
will  Allow the last mile copper loop that state-owned
telephone companies like BSNL sit on, to be used by
anyone who wants to sell television, data or voice.
 Allow 100 per cent investment in alternate ways of
broadcasting, such as digital, terrestrial and DTHTV
services without equity and cross-media restrictions.
 Both of them must allow cable operators to offer ‘voice
or telephony on their pipes.
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Indian television has the range
in programming, now it needs
to achieve that in distribution
technology and infrastructure.
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The Past
 The first school television service was commissioned
in New Delhi two years after the first few experiments.
This was for the institutions run by the Delhi
Municipal corporation.
 By 1965 television broadcasting matured to a one-hour
service which included a news bulletin.
 In 1972 television went to Bombay.
 By 1975 five more cities each had a television station
called Doordarshan Kendra.
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Today there are 1090
transmitters spread across India
and according to NRS 2005
there are 108 million television
homes
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 The first satellite television experiments were
undertaken by DD as early as 1975-76.
 It was under the Satellite Instructional Television
Experiment (SITE) that the Indian government used
the US-based National Aeronautics and Space
Administration (NASA) satellite ATS-6 for educational
programme broadcasts in Indian villages.
 SITE was an attempt to see if bouncing the signal off a
satellite would increase its coverage – it did.
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 By 1978 the government was encouraged to implement
its own satellite system.
 This was contracted out to Ford Aerospace and
Communication Corporation.
 Then came Indian National Satellite (INSAT)
programmes, a joint effort by the Indian Space
Research Organisation (ISRO), the Indian Posts and
Telegraph Department, the Ministry of Civil Aviation
and the Ministry of Information and Broadcasting.
 The INSAT series of satellites got DD into the
maximum number of community television sets.
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 Colour television began in 1982, thanks to
the Asian Games, hosted in New Delhi
It was around this time that the
commercial contours of the industry
started taking shape
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 In 1983 came India’s first sponsored programme, Show
Theme, produced by Manju Singh – it is disputed that
Hum Log was the first.
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Hum Log
 In 1984, a US-based non-government organisation
approached the I&B Ministry to do a serial that would
couch the family planning message in entertainment.
 It was an experiment that had worked successfully in
Catholic Mexico where over family planning messages
could not be used.
Hum Log was aired in July 1984 to showcase the
travails of a large lower-middle class Indian
family – poverty, alcoholism, and illiteracy –
hallmarks of India’s problems with population.
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 Unfortunately for family planning, and fortunately for
commercial television the message was lost in the
made popularity of the serial.
 More than 80 per cent of the 3.6 million Indian
television sets at that time tuned in to Hum Log every
week.
 Maggi Noodles, a brand owned by Nestle India,
sponsored the first soap on Indian television. The
multinational paid for the telecast fee and production
cost of Hum Log and got about five minutes of
commercial time in exchange.
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The success of Hum Log was followed by
Buniyaad, Katha Sagar, Khandaan, Nukkad.
 Telecast fees and commercial airtime rates on DD rose
and revenues rose from Rs 170 million in 1983-84 to Rs
2.1 billion in 1989-90.
 By the early 90s DD began charging anywhere
between Rs 100,000 to 500,000 as minimum guarantee
or telecast fees in exchange giving a portion of the
programme’s airtime to the producer.
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Cable years
 The Asian Games and colour television and
subsequently the Los Angeles Olympics in 1984 kicked
off a spurt in the sale of colour sets and thereby
viewer’s desire for sharp reception.
 This was especially true of Mumbai where tall
buildings hampered the quality of terrestrial
transmission.
 That is how entrepreneurs like Siddharth Srivastava,
Radhakrishnan, Jagjit Kohli, Yogesh Shah, Ronnie
Screwvala and companies like Nelco stepped in.
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 Unlike the US local authorities did not intervene in
the cable operations in India and without official
guidelines, operators mushroomed, propelled first by
the video boom and then the coming of satellite
television.
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