In its sweeping and expansive decision in Estate of Gallagher, the U.S. Tax Court addressed many facets of the valuation process and, it would seem, the valuation profession. Yet, amid the introspective and searching analyses of the decision, most attention was deflected away from the businesses being valued themselves: media companies. While the focus has been set on discounted cash flows and other valuation techniques, one question remains: how much do we really know about these firms?
In the latest installment of BVR's Industry Spotlight Series, appraiser Peter Bowman and industry expert Paul Fink join BVR to discuss the operations, valuations, and nuances of one of these businesses: radio stations. Through their 75-minute presentation, Bowman and Fink will discuss what every appraiser should know when valuing a radio station, how these businesses differ from most, and how these operational nuances can impact the valuation process and determination of value.