Since you mention both major TV orgs and Manchester, I assume that you refer back to the days of Granada and Carlton - they merged in 2002 or thereabouts.
Advertising price, and thus revenue, has dropped considerably since those days with the addition of so many more linear channels, on-demand and streaming services and social media opportunities.
Simplistically you have a bunch of advertisers with much the same amount of money to spend, yet now they have a vastly greater array of places to spend it. Hence TV advertising pushing into the smaller organisations in search of market growth - or at least, some level of mitigation.
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