We consider a model of a TV oligopoly where TV channels transmit advertising and viewers dislike such commercials. We show that advertisers make a lower profit the larger the number of TV channels. If TV channels are sufficiently close substitutes, there will be underprovision of advertising...

We consider a model of a TV oligopoly where TV channels transmit advertising and viewersdislike such commercials. We show that advertisers make a lower profit the larger the numberof TV channels. If TV channels are sufficiently close substitutes, there will be underprovisionof advertising...