by advertising as well. The closer substitutes the media firms’ products are, the less they rely on consumer payment and … the more they rely on advertising revenues. If media firms can invest in programming, they invest more the less …

We consider a model of a TV oligopoly where TV channels transmit advertising and viewersdislike such commercials. We … substitutes, there will be underprovisionof advertising relative to social optimum. We also find that the more viewers dislike ads …, themore likely it is that welfare is increasing in the number of advertising financed TV channels... …

assumptions that there is no advertising congestion and that viewers single-home. Allowing for crowding in viewer attention spans … ; advertising clutter ; information congestion ; mergers, entry …

raise revenue. A media firm can either be financed by advertising revenue, by direct payment from the viewers (or the …, the larger is the fraction of their revenue coming from advertising. A media firm's scope for raising revenues from ads …