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Fate of Local Television Lies with the Big 3: MediaBytes with Shelly Palmer November 19, 2008

11/19/2008 09:53 am ET | Updated May 25, 2011

The fate of the local television is inherently tied to the fate of the Big 3. So much so that a bailout for the automotive industry might as well include a subsidy to be used for local television advertising. Regardless, if a bailout doesn't work the failed auto industry will decimate local television production crews and local television employees will be out of work all across America.

Alaskan Senator Ted "Tubes" Stevens lost his bid for re-election. Stevens, who lost on his 85th birthday, apparently could not overcome his latest scandal, in which he was convicted on federal corruption charges. Senator Stevens will always be remembered for his ludicrous remarks about the internet.

Hewlett-Packard pre-announced earnings yesterday, issueing a healthy forecast for 2009. The positive outlook comes on news that competitors like Sun Microchips and Cisco Systems noted sharp decreases in demands for corporate technology. The positive outlook helped HP stock increase 10% yesterday.

ESPN signed a four year deal to televise college football's Bowl Championship Series. The deal, worth a reported $125 million a year, will bring the championship games to cable for the first time. ESPN also acquired the digital rights to the BCS, as well as its official website and maybe allowed to stream games on ESPN360.com and on mobile devices.

Plus, today's consulting question, "Can Yahoo be saved?" Shelly has the answer on today's MediaBytes.

Shelly Palmer is a consultant and the host of MediaBytes a daily show featuring news you can use about technology, media & entertainment. He is Managing Director of Advanced Media Ventures Group LLC and the author of Television Disrupted: The Transition from Network to Networked TV (2008, York House Press). Shelly is also President of the National Academy of Television Arts & Sciences, NY (the organization that bestows the coveted Emmy® Awards). You can join the MediaBytes mailing list here. Shelly can be reached at shelly@palmer.net