NAICS 516120 Quarterly Industry Report
Television Broadcasting Stations
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 516120Sector: Information (51)Updated: Q1 2026
About This Report
Fair Market Value compiles this NAICS 516120 industry report using data from the U.S. Census Bureau[6], the Bureau of Labor Statistics[7], and the Small Business Administration[8]. Our research team analyzes advertising revenue by DMA, retransmission fee structures, and station cash flow metrics to build valuation benchmarks specific to television broadcasting. This report on NAICS 516120 is updated quarterly to reflect advertising market conditions and regulatory developments.
Industry Definition & Overview
Television Broadcasting Stations (NAICS 516120) encompasses establishments primarily engaged in broadcasting images together with sound through over-the-air transmission. These stations operate studios and facilities for programming and transmitting content to the public via VHF and UHF frequencies. Programming may originate from the station's own production, affiliated broadcast networks such as ABC, CBS, NBC, and Fox, or purchased syndicated and locally produced content.
Revenue depends heavily on advertising sales, which fluctuate with economic cycles and are amplified during election years when political advertising generates billions in incremental spending. Retransmission consent fees paid by cable and satellite operators represent a second major revenue stream that has grown substantially since the mid-2000s. Local news programming drives audience loyalty and commands premium advertising rates in most markets, making newsroom investment a strategic priority for station groups.
The industry is structured around 210 Designated Market Areas (DMAs) defined by Nielsen, ranging from New York (the largest) to Glendive, Montana (the smallest). Station ownership has consolidated through mergers, with a handful of large broadcasting groups controlling hundreds of stations nationwide. The Federal Communications Commission[4] regulates station licensing, ownership caps, and spectrum allocation. Employment at television broadcasting stations totaled roughly 100,000 workers according to the Bureau of Labor Statistics[5], spanning roles from on-air talent and producers to broadcast engineers and advertising sales executives.
What's Included in This Industry
- Over-the-air television signal broadcasting via VHF and UHF
- Local news production, anchoring, and live reporting
- Network affiliate programming distribution
- Syndicated program acquisition and scheduling
- Television advertising sales for local and national spots
- Retransmission consent fee negotiation with cable and satellite operators
- Studio production and master control operations
- Transmitter and antenna site maintenance
- Digital subchannel programming and multicast services
- Weather, sports, and community event broadcast coverage
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Information | 51 |
| Subsector | Broadcasting and Content Providers | 516 |
| Industry Group | Radio and Television Broadcasting Stations | 5161 |
| NAICS Industry | Television Broadcasting Stations | 51612 |
| National Industry | Television Broadcasting Stations | 516120 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 516110 | Radio Broadcasting Stations | Internet publishing and broadcasting outlets deliver similar news and entertainment content but distribute exclusively through web platforms rather than over-the-air signals |
| 516210 | Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers | Media streaming and cable network providers distribute video programming through subscription models that compete with free over-the-air television stations |
| 512110 | Motion Picture and Video Production | Motion picture and video production companies create the programming content that television stations license for broadcast in local markets |
| 517111 | Wired Telecommunications Carriers | Wired telecommunications carriers operate cable systems that carry broadcast station signals under retransmission consent agreements |
| 541810 | Advertising Agencies | Advertising agencies purchase local and national spot television time from broadcasting stations on behalf of their brand clients |
| 541910 | Marketing Research and Public Opinion Polling | Market research firms produce audience ratings and viewership data that stations use to price advertising inventory by daypart |
SBA Lending Summary
16
Total SBA Loans
$3.6M
Total Loan Volume
$223K
Average Loan Size
10 yrs
Average Loan Term
12.13%
Average Interest Rate
120
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[3]
Key Insight: The SBA size standard[9] for NAICS 516120 is $47 million in average annual receipts, classifying stations below this revenue threshold as small businesses for federal programs. Television stations can access SBA 7(a) loans[10] for equipment upgrades, newsroom technology, and working capital, while SBA 504 loans[11] support studio and transmitter facility acquisition. Stations in smaller markets often generate well under the size standard.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | Northeast Bank | 8 | $3.5M | $433K |
| 2 | U.S. Bank, National Association | 8 | $106K | $13K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses fall under NAICS 516120?
NAICS 516120 covers establishments that operate television broadcasting studios and facilities for over-the-air program transmission. This includes major network affiliate stations, independent local stations, public television broadcasters, and low-power television operations.
How is NAICS 516120 different from 516210?
NAICS 516120 covers over-the-air television broadcasting stations that transmit signals via VHF and UHF frequencies, while 516210 covers media streaming services, cable networks, and social platforms that distribute content through internet or cable systems. Broadcast stations are free to viewers with an antenna; streaming requires a subscription, per Census Bureau classifications[12].
What is the SBA size standard for television stations?
The SBA sets the size standard for NAICS 516120 at $47 million in average annual receipts. Stations below this threshold qualify as small businesses for federal contracting and lending, per the SBA size standards table[9].
What NAICS codes are related to television broadcasting?
Related codes include 516110 (internet publishing), 516210 (media streaming), 512110 (video production), 517111 (wired telecom), and 541810 (advertising agencies). Each connects to television stations through programming, distribution, or revenue relationships.
What industries are closely related to television stations?
Closely related industries include internet publishing (516110), streaming services (516210), advertising agencies (541810), cable operators (517111), and production companies (512110). Each interacts with broadcasters through content supply, distribution, or advertising demand.
What activities are included in television broadcasting?
Activities include over-the-air signal transmission, local news production, network programming distribution, advertising sales, retransmission fee negotiation, studio and transmitter operations, and digital subchannel management. The FCC[4] regulates station licensing and broadcast operations.
Can television stations get SBA loans?
Where are television broadcasting stations concentrated?
Every DMA (Designated Market Area) has at least one station, with the largest concentrations in New York, Los Angeles, Chicago, and other major metro areas. Station ownership has consolidated among large broadcasting groups headquartered in cities such as Atlanta, Phoenix, and Irving, Texas, per Census Bureau County Business Patterns[13].
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [4]Federal Communications Commission fcc.gov
- [5]Bureau of Labor Statistics bls.gov
- [6]U.S. Census Bureau census.gov
- [7]Bureau of Labor Statistics bls.gov
- [8]Small Business Administration sba.gov
- [9]SBA size standard sba.gov
- [10]SBA 7(a) loans sba.gov
- [11]SBA 504 loans sba.gov
- [12]Census Bureau classifications census.gov
- [13]Census Bureau County Business Patterns census.gov
Disclaimer
This publication has been prepared by Fair Market Value (“Fair Market Value”) for informational purposes only. It is provided on an “as-is” and “as available” basis. Fair Market Value makes no representations or warranties, express or implied, regarding the merchantability, fitness for a particular purpose, completeness, or accuracy of the data or information contained herein. This publication is not intended to be, and should not be construed as, professional financial, legal, tax, or investment advice. Users should consult with qualified professionals before making any financial or business decisions based on the information presented.
To the extent permitted by law, Fair Market Value disclaims all liability for loss or damage, direct and indirect, suffered or incurred by any person resulting from the use of, or reliance upon, the data in this publication.
Copyright © 2026 Fair Market Value. All rights reserved. All data, information, articles, graphs, and content contained in this publication are copyrighted works and Fair Market Value hereby reserves all rights. No part of this publication may be copied, reproduced, republished, uploaded to a third party, or distributed without the prior written permission of Fair Market Value.