BIA Advisory Services, the TV station researching consultant based in Chantilly, VA, says this would put TV station revenues from national spot and local advertising sales under the $20 billion mark for the first time in several years.

For the next five years, BIA says total revenues will hover around the $17 billion mark, ending with $17.5 billion in 2013. BIA believes that future growth of TV stations will hinge on new cross-ownership and local ownership rules, which the new leadership at the Federal Communications Commission should revisit.

The bright spot for TV stations is their online businesses. BIA says that segment will see an estimated 20% compounded annual growth rate in the coming years, projecting that the industry will earn $559 million in 2009, climbing to $1.1 billion by 2013.

The weak economy has also meant a slowdown in TV stations transactions, which are hampered by limited availability of credit in the marketplace.

"Transactions have slowed to an anemic pace and reflect the general lack of financing currently available for stations and broadcast groups and the poor industry attitude," said Mark R. Fratrik, Ph.D., vice president of BIA Advisory Services, in a release. "We believe that companies are waiting on the sidelines for an improved economy and for the right opportunities to make strategic acquisitions."

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