Television Production in Transition: Independence, Scale, Sustainability and the Digital Challenge (Palgrave Global Media Policy and Business)

Focusing on the growing power of transnational media corporations in an increasingly globalized environment for distribution of television content, and on the effects of mergers and acquisitions involving local and independent television production companies, this book examines how current and recent re-structurings in ownership across the television industry reflect changing business models, how they affect creativity and diversity of television output, and to what extent they call for new approaches to regulation and policy. Based on a major study of the UK production sector as a case study, it offers a unique analysis of wider transformations in ownership affecting the television production industry worldwide and of their economic, socio-cultural and policy implications. Preface 6 Contents 10 List of Figures 13 List of Tables 14 1 Introduction 15 What Is Television Production? 16 Typology of Production Companies 19 Independent Producers or Indies 19 Vertically Integrated 20 Conglomerates and Super-Indies 21 Why Does Television Production Matter? 21 Television Production in Transition—Aims and Methods 24 Layout of the Book 27 References 32 2 International Trends 35 Early Formation, Growth and Internationalisation 35 Key Territories 40 Us 40 Europe 44 Rest of the World 48 Digitisation and Convergence 53 References 58 3 From Minnows to Sharks 67 Early History 67 Annan Report and Channel 4 69 Peacock, the 1990 Act and Increased Competition 73 2003 Communications Act 76 Success, Growth and Consolidation 81 References 85 4 Business Performance and Advantages of Takeover 89 Performance Measurement 90 Determinants of Business Performance 96 Advantages Conferred by Takeover 104 Advantages of Scale 104 Market Access 107 Bargaining Power 110 Informational Advantages 113 References 115 5 Scale, Independence and Economic Sustainability 117 Specialist Financial Intermediaries and M&A Activity 118 Trade Buyers Versus Professional Investors 124 Strategic Complementarity 126 Building Scale 127 Vertical Expansion 130 International Reach 133 Reconfiguring for the Digital Era 135 Scaling up and Remaining Independent: The Challenges 136 References 139 6 Configuration and Content 142 Measuring Content 143 Ownership, Control and Content: A Complex Relationship 146 Corporate Configuration and Content: Findings 149 Creative and Business Leadership 151 Commercial Ambitions, Content Strategies and Continuity 152 The Corporate Behemoth 155 Strategic Function and Content 161 Horizontally Integrated Super-Indies 162 Vertically Integrated Broadcaster Producers 163 Distribution Plus Production 165 Transnational Groups 167 References 170 7 Cultural Production, Indigeneity and Globalisation 175 He Who Pays the Piper Calls the Tune 176 Non-scripted Factual and Entertainment 178 Scripted Content 183 Is There Such a Thing as British Content? 186 Home Versus International Markets 189 IPRs and Windowing 195 References 199 8 Conclusions and Implications for Policy 204 Changing Corporate Ownership Configurations 204 Do We Need TV Production Companies that Are Independent? 208 Is the Definition of Independents Still Valid? 212 Sustaining Renewal 217 Digital Transformations and the Challenges for Policy 221 References 230 Bibliography 236 Index 260