NEW YORK--(BUSINESS WIRE)--TIP Initiative (Television Interface Practices), a consortium of local television broadcasters including Nexstar Media Group, Sinclair Broadcast Group, TEGNA, Tribune Media and Hearst Television, today announced the release of an updated framework for standards-based transaction interfaces, highlighting the progress the work group has made toward its goal of accelerating electronic advertising transactions for local TV broadcasters and their media agency partners.
Streamlining the advertising buying and selling process and making standardized, modern transaction interfaces available are keys to enabling future growth and innovation in the local broadcast television industry. To solve this industry-wide challenge and accelerate system interoperability, executives from the largest U.S. broadcast TV groups collaborated and in late 2017 launched the TIP Initiative. TIP's mission is to create a coalition of system providers to work with buyers and sellers to develop and implement the technical framework and standards necessary to streamline transaction workflows for local broadcast television through standards-based open APIs.
“Members of the TIP Initiative share a strong commitment to accelerating the next phase of growth and innovation for the local broadcast television industry,” stated Perry Sook, Founder, Chairman, President and CEO of Nexstar Media Group, Inc. “Embracing technology and developing new innovative frameworks that eliminate the complexity of the buying and selling process is critical to strengthening local broadcast television’s long-term competitive position. While there is more work to be done, we are energized by the alignment of agencies and broadcasters toward our common goal of creating a more efficient marketplace for local television advertising transactions.”
In the first quarter of 2018, TIP engaged over twenty systems providers, media agencies and broadcasters to collaborate on the development of an open standards-based framework for the system-to-system interchange of transactional information.
TVB, the trade association representing local broadcast television, continues to serve as a repository for TIP’s work and provides open access for industry partners. The consortium’s second technical whitepaper is available at www.tvb.org/TIP.
“The TIP Initiative is excited to release our updated framework, which we’ve made available to all vendors, media agencies and broadcasters for their input,” said Chris Ripley, President and CEO of Sinclair Broadcast Group. “Establishing an efficient and nimble market is necessary for our industry to evolve toward an ATSC 3.0 future and preference will be given to system vendors that deliver this capability for us. As we continue to refine the framework and engage vendors to design and test interfaces, it is important for buyers and sellers to require open interface standards.”
“Media agencies and local broadcasters are fully aligned in developing open standards-based solutions for efficient automated buying and selling of local spot inventory,” stated Frank Friedman, President of Local Investment at Publicis Media. “Local broadcast television consistently delivers measurable results for our clients and eliminating transaction friction will allow us to execute more targeted advertising campaigns that reach local audiences at scale. As such, we look forward to continuing our support of the TIP Initiative.”
“TIP’s ongoing collaborative effort is a major step forward toward creating a more efficient advertising product that political advertisers are demanding,” said Adam Stoll, President Target Enterprises. “There is strong demand for local spot inventory, and with the TIP Initiative, agencies and broadcasters are embracing the automation necessary to enable new transaction models to emerge.”
TIP Initiative participants will share their vision for automation and the challenges to getting there at the 2018 NAB Show panel, “How the Local TV Ecosystem is Streamlining the Transaction Workflow,” on Tuesday, April 10, at 10:40 a.m. For more information, please visit www.nab18.mapyourshow.com.
More information about the TIP Initiative is available at www.tvb.org/TIP.
About Nexstar Media Group
Nexstar Media Group is a leading diversified media company that leverages localism to bring new services and value to consumers and advertisers through its traditional media, digital and mobile media platforms. Nexstar owns, operates, programs or provides sales and other services to 170 television stations and related digital multicast signals reaching 100 markets or approximately 39% of all U.S. television households. Nexstar’s portfolio includes primary affiliates of NBC, CBS, ABC, FOX, MyNetworkTV and The CW. Nexstar’s community portal websites offer additional hyper-local content and verticals for consumers and advertisers, allowing audiences to choose where, when and how they access content while creating new revenue opportunities. For more information please visit www.nexstar.tv.
About Sinclair Broadcast Group
Sinclair Broadcast Group, Inc. is one of the largest and most diversified television broadcasting companies in the country. Pro forma for pending announced transactions before divestitures, the Company will own, operate and/or provide services to 233 television stations in 108 markets. The Company has multiple emerging networks as well as stations affiliated with all the major networks. Sinclair is a leading local news provider in the country and a producer of live sports content. Sinclair’s content is delivered via multiple platforms, including over-the-air, multi-channel video program distributors, and digital platforms. The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.
About Tribune Media
Tribune Media is home to a diverse portfolio of television and digital properties driven by quality news, entertainment and sports programming. Tribune Media is comprised of 42 owned or operated broadcast stations, national entertainment network WGN America, Tribune Studios, WGN-Radio and a significant number of real estate properties and strategic investments. Tribune Media combines distinctive content with nationwide broadcast distribution and cutting-edge digital properties and data businesses. As it prepared to separate its publishing business, Tribune Media acquired Local TV Holdings to become the nation’s largest independent broadcaster, began the conversion of its superstation WGN America into a widely distributed general entertainment cable channel, and launched a re-imagined Tribune Studios as an engine for producing original content. In every aspect of the company, whether in producing critical local news, riveting original programming, or premier sporting events, Tribune Media engages and connects viewers with must-have content across every distribution platform.
TEGNA Inc. is an innovative media company that serves the greater good of our communities. With 47 television stations and two radio stations in 39 markets, TEGNA delivers relevant content and information to consumers across platforms. It is the largest owner of top 4 affiliates in the top 25 markets, reaching approximately one-third of all television households nationwide. Each month, TEGNA reaches 50 million adults on-air and 35 million across its digital platforms. TEGNA has been consistently honored with the industry’s top awards, including Edward R. Murrow, George Polk, Alfred I. DuPont and Emmy Awards. TEGNA delivers results for advertisers through unparalleled and innovative solutions including OTT local advertising network Premion, centralized marketing resource Hatch, and G/O Digital, a one-stop shop for local businesses to connect with consumers through digital marketing. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions.
About Hearst Television
Hearst Television owns and operates television and radio stations serving 26 media markets across 39 states reaching over 21 million U.S. television households. Through its partnership with nearly all of the major networks, Hearst Television distributes national content over nearly 70 video channels including programming from ABC, NBC, CBS, CW, MY Net, MeTV, This TV, Estrella and more. The radio stations are leaders in Baltimore news/talk and rock music listenership. Hearst Television is recognized as one of the industry's premier companies, and has been honored with numerous awards for distinguished journalism, industry innovation, and community service. Hearst Television is a wholly owned subsidiary of Hearst.
TVB is the not-for-profit trade association representing America’s $21 billion local broadcast television industry. Its members include over 800 individual television stations, television broadcast groups, advertising sales reps, syndicators, international broadcasters and associate members. TVB actively promotes local media marketing solutions to the advertising community and works to develop advertising dollars for the medium’s multiple platforms, including on-air, online and mobile. TVB provides a diverse variety of tools and resources, including www.tvb.org, to support its members and to help advertisers make the best use of local ad dollars.