EFTA Document EFTA01385425

3Janualy 2018 HY Corporate Credit HY Multi Sector,Media. Cable & Satellite i ndustry Landscape: U.S. TV Households Reached 65% 4.4• Current FCC Cap: 39% v. It% 33% I I I I I I I I I IM if% Irt It% 11* IM 4 Non ftebordibiONPAthley Sven INKOICAOlkft a W w. tmwt:P., • Net Retransmission Fees: Retransmission fees have helped offset slowing core advertising for broadcasters and also provided better visibility and predictability for the sector (contracted revenue vs. mor