Much has been and will be made about the content war going on among media networks of all kinds whether it be television providers, music services, or streaming platforms, or companies that are a combination of those. Some are coming out winners while others are being decimated as competitors have been merging to maintain a powerful position in their respective industries. One often forgot about medium to reach consumers that understandably flies by relatively quietly is radio. It comes as no surprise that this is the case given that when most people think about their preferred form of media, radio rarely even gets a mention. This comes despite two facts which normally would raise an eyebrow or two if it were not for such a public battle among traditional cable networks like Disney/ABC (NYSE:DIS), streaming services like Netflix (NASDAQ: NFLX), and outside companies like Verizon (NYSE: VZ) who investing in over-the-top services. The first of which is the merger between Entercom Communications (NYSE: ETM) and CBS Radio (NYSE:CBS) via a Reverse Morris Trust, expected to close later this year, creating the #1 provider of original local audio content in the United States. The second notable fact is somewhat surprising in that radio is actually still the top media platform domestically in terms of addressable market. The following image below shows the reach that radio still has in today's America:
