I’ve been looking at the local broadcasters (Nexstar, Tribune, Sinclair, etc.) recently (no position in any of them currently) due to a combination of curiosity, cheapness, and interest in the sector given overlap with a lot of my cable / telecom investments. I might have a (much) longer article on them at some point on the big question that looms over them (and basically the entire legacy cable bundle): what happens if one of the major networks loses their NFL package when they’re up for renegotiation in the next year or two? Doesn’t that throw everything related to that specific network (the network, all of their contracts with cable companies and local broadcasters, all of the local broadcasters’ contracts, etc.) into complete chaos?