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... …

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 …

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