• by Wayne Friedman , Staff Writer, January 7, 2011

So what is rerun programming really worth these days? It depends whether it has a digital deal, maybe a Netflix deal.

The answer is probably a lot less than you think. Even so, no one knows for sure. So start scratching your head -- and the head of your TV competitors -- when you go to the National Association of Television Program Executives meeting, television's long-time programming conference, in Miami in a few weeks.

Seems that Turner Broadcasting System, for one, has already discounted some sitcoms that should be in their wheelhouse -- hit off-network shows like ABC's "Modern Family."

TBS chairman/CEO Phil Kent doesn't want to pay big dollars -- say $1.5 million an episode -- for highly touted shows, especially if they are running on  easily accessible TV digital areas, such as Netflix.

But Kent should realize much of Netflix's inventory is actually older TV and films or specialized content. For example, Warner Bros. -- a sister company of TBS -- made a deal with Netflix for rights to "Nip/Tuck," which ran on FX.

To date, many Netflix deals have been seemingly less-threatening than, say, the likes of a Google TV or other digital-service wannabes. Of course this doesn't mean that Netflix couldn't become one of those TV distributors. No doubt Comcast and Time Warner Cable are eyeing any new digital video firm closely, with cable executives ready to pounce on TV studios who make a strong competitive move.

This isn't to say that Kent and Bewkes aren't still looking for those big-rated broadcasting series for their cable networks.

The cable network programming business continues to be built on reruns of broadcasting network programming. While new cable TV scripted shows get the headlines, broadcast network sitcoms are still very important to the value of a TBS.

All this is amazing considering we are still in the throes of widespread massive TV changes. That's a real Modern Family.