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"That's an unintended consequence of retransmission".
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The issue of retransmission fees was raised by the BBC's then director general, Thompson, in his MacTaggart lecture at the Edinburgh TV Festival in 2010.
David Abraham, the chief executive of Channel 4, raised the issue of retransmission fees in his MacTaggart speech at this year's GEITF.
"I think life will be easier for both sides of retransmission in the future," he said.
That could help ITV if it leads to the introduction of retransmission charges, said Liberum.
We find the upside case of retransmission fees, Liberty takeout and cash returns/dividends unconvincing.
Any bid must also reflect the upside of retransmission which we estimate could add another 35p of value.
Analysts at Citi said that the report was Ofcom "essentially killing off" the prospect of retransmission fees.
"We welcome the inquiry's recommendation that ITV, and other PSBs, should receive a range of regulatory support, including continued EPG prominence and the payment of retransmission fees.
Fox reported a 19 percent increase in operating income, because of retransmission consent agreements with cable and satellite operators and an increase in local political advertising.
Figure 10 Psuedocode of Retransmission Delay procedure.
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