Favour Osoba
According to Mario Gabelli, chairman and CEO of GAMCO Investors, Inc., there is a potential for substantial growth in a number of media stocks within the next few years. Indicates a significant rise in expenditure in this sector.
At present, the telecom industry in the U.S. is regulated by the Federal Communications Commission (FCC). However, TV station operators are only permitted to have a maximum coverage of 39%. Gabelli anticipates that the FCC will remove this restriction in the future.
“It’s not going to happen under the current administration, but the 2024 election is right around the corner, he said. Even if it doesn’t happen, the stocks are still undervalued and don’t need a regulatory adjustment to do well,” Gabelli said.
Budgets for political advertising in the United States are going to increase from $2.5 billion to $14 billion in 2024, so the television stations are poised to get a bump, Gabelli said. As a result of that, I like those kind of companies even though they are linear television, even though they are kind of dated,” he said.
However, it’s important to note that this significant increase in spending also raises concerns about the influence of money in politics and the need for campaign finance reform.
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