Issuing quality media valuations and asset appraisals to support business opportunities.

BIA Advisory Services performs valuation and appraisal services for companies in traditional and digital media, technology and communication. Our expert services deliver the experience and rigorous attention to quality assessments our clients require for their important projects.

BIA’s Media Valuations and Appraisals

BIA’s valuation and appraisal team has over 32 years of experience analyzing the full media and technology landscape. The team has valued more than 5,000 entities with an aggregate appraisal value exceeding $100 billion.

Known for our depth of expertise and high-touch services, our team is well-known and respected throughout the broadcast industry. We consistently deliver well-substantiated valuations and appraisals that meet the intense oversight of investors and technical requirements.

Our success is due to two main factors:

  • Each member of our team is a dedicated and accredited valuation professional.
  • The foundation of our work is grounded in BIA’s extensive proprietary industry data that includes our broadcast industry forecasts, comprehensive databases covering TV and Radio stations and FCC data

Our clients include Fortune 500 companies to start-up businesses.

Our Services

Our services include valuation and appraisal services, expert witness litigation support, fair market valuations, due diligence and fairness and solvency opinions and Fresh Start accounting.

See below for a description of each service. Then, email us to discuss your upcoming project. We would be pleased to set up a complimentary call.

Working With Us

We look forward to helping you with your projects. Here’s how you can engage with us:

Send us an email:

Fill out a stick calculator: Details

COVID-19 Analysis

Are you considering estate and gift tax planning? The pandemic may offer opportunities.

Read our analysis and let us know how we can help: Uncertain Times Give Rise to Estate & Gift Tax Opportunities

Successful Client Projects

Companies trust us to help them with sensitive, critical tasks such as:

  • Securing new investments
  • Valuing assets (i.e., web property, spectrum, stocks, FCC licenses)
  • ASC compliance
  • Establishing stock and option values
  • Impairment testing
  • Complying with tax laws
  • Evaluating joint operating agreements
  • Restructuring existing debt facilities
  • Operational audits
  • Appraising potential acquisitions
Valuation Team
Mark Fratrik

Mark Fratrik

Mark Fratrik covers media advertising and economics. Expertise: Broadcasting, Competitive Media

Lauren Ross

Lauren Ross

Expertise: Valuations, Appraisals, Digital & Traditional Media

Geoff Price

Geoff Price

Expertise: Media Industries, Asset Appraisals, Fair Market Valuations 


BIA/Kelsey Stick Valuations For TV

TV Stick Value Calculator

This tool provides a starting point estimate of the stick value of a television station so that station owners/operators or investors can monitor the value of a business.

TV Stick Value

BIA/Kelsey Stick Valuations For Raddio

Radio Stick Value Calculator

This tool provides a starting point estimate of the stick value of a radio station so that station owners/operators or investors can monitor the value of a business.

Radio Stick Value

Transaction Activity

Transaction Activity

BIA tracks the value of transactions in TV and radio and the number of TV and Radio stations sold on a monthly and year-to-date basis.
Transaction Activity

Fair Market Valuation Projects Performed

  • 900 MHz digital radio network
  • Equity of software development company for stock transactions
  • Television programming distribution firm converting to for-profit status
  • Communications tower in prep for sale
  • Submarine telecommunications cable company

Fair Market Valuations

Determine the total value of your company’s assets when considering acquisition, financing and estate planning.

BIA has a strong legacy of providing fair market valuations to our clients for acquisition, financing and estate planning purposes. Our team of analysts has prepared thousands of fair market valuations for many regional and national financial institutions and some of the largest corporations in the communications industry.

BIA delivers valuations that are accurate, independent and defensible. Our analyses are prepared with extreme diligence so they withstand scrutiny of discerning regulatory, judicial and taxing authorities. BIA begins every project with a thorough analysis of the assignment before determining the approach that will yield an accurate valuation. Our reports contain a thorough detailed analysis of the local market demographic and economic conditions, as well as the competitive environment.


BIA performs asset appraisals to assist our clients with asset allocations of purchase prices related to acquisitions of entities. Our work is supported by extensive and reliable industry data. We deliver appraisals that are accurate, independent and defensible. Examples of our areas of expertise include:


  • Cable and broadcast equipment
  • Telecom equipment
  • Telecom networks
  • Data equipment
  • Data networks
  • Fiber
  • Fiber-optic equipment
  • Publishing equipment


  • Broadcast and wireless Telecommunications licenses (i.e., MMDS, LMDS, PCS, cellular, ITFS)
  • Advertiser and subscriber / customer bases
  • Intellectual property
  • In-process R&D
  • Network affiliation agreements
  • Leasehold interests
  • Income agreements
  • Broadcast rights agreements
  • Copyrights
  • Software, patents
  • Trademarks and brands
  • Employment and non-compete contracts

Appraisal Projects Performed

  • Spectrum valuation of the EBS licenses of dozens of schools and colleges
  • Values on a web property operating in a partnership between two local media firms
  • Tangible and intangible asset allocations (i.e. website valuations, customer lists (email addresses), internet domain names, and intellectual property associated with programming code) for Salem Communications including,,

Due Diligence Projects Performed

  • Financial due diligence and operational review on a purchase by a weekly Hispanic news magazine of a competitor.

Due Diligence

Our expert and independent due diligence reviews serve to increase investor confidence and satisfy federal and state regulatory concerns. In every due diligence review we conduct, our analysts become intimately involved in the definition, planning and preparation of the reviews, culminating in valuable investment recommendations for our clients.

We also help validate financial data to make certain all the information on an acquisition is known prior to the closing. Our reputation stands on applying our in-depth knowledge, analysis and high standards of professionalism to every client we serve.

Stock Valuations

Assess the value of an equity interest in your company.

The rapid changes in today’s markets, combined with the ups and downs of the economy, have a significant effect on the fair market value of a company’s stock. Stock values affect tax planning, the value of compensation plans and more, making their accurate valuation critical.

Assessing this important asset requires experience and rigorous due diligence. Our experts possess the knowledge and skill to reliable value stocks for media, technology and telecommunication companies.


Spectrum Valuations

Assess the real value of your broadband and wireless spectrum.

Auctions and allocations of spectrum are growing. The Federal Communications Commission is seeking to auction 500 megahertz of federal and commercial spectrum to help meet the needs of mobile devices and streaming video. The debate on whether television broadcasters will have to sell spectrum as part of the FCC’s National Broadband Plan also continues.

To help companies stay on top of the changes in broadband and wireless spectrum, BIA provides fair market valuation services, competitive analysis, financial comparisons of lease offers, consulting and Geographic Service Area (GSA) Mapping.

Fresh start accounting

Plan Your Recovery from Bankruptcy

Recovering successfully from bankruptcy is a challenge that affects many businesses. Fresh start accounting allows a company to restate its balance sheet to fair value as of the day the business emerges from Chapter 11 bankruptcy protection. However, if not implemented correctly, a company could face serious challenges to its short- and long-term financial success.

BIA has a team of experts who can help your business emerge from bankruptcy and insolvency. Our dedicated staff advises companies and performs valuation services in conformity with the procedures established in SFAS 141.


Fairness and Solvency Opinions

Independent, Reliable and Sound Opinions

BIA’s fairness opinions are relied upon in transactions where support of value is required, such as mergers and acquisitions, capital restructuring and matters before the government. Our fairness opinions evaluate the deals for shareholders and boards involving both public and private companies, and have been relied upon in courts where support of value is required.

BIA will undertake a solvency opinion assignment for companies engaging in highly leveraged transactions, which may include leveraged buyouts, leveraged recapitalizations, leveraged dividends, or other such situations where there may be minimal equity involved. Our expert solvency opinions provide an independent review on whether a company has the ability, and can be relied upon, to service its debt and not cause the company or creditors undue financial distress.

BIA’s neutrality is trusted by some of the largest multimedia and telecommunications firms and is often sought for rulings by the federal government.

Litigation Support and Expert testimony

Credible, Persuasive, Essential and Trustworthy Services

BIA’s decades-long specialization in the media, telecommunications and technology industries and our knowledge of business value – and what drives value – positions us as independent resources to provide in-depth industry knowledge. We help companies and attorneys prepare to go to court, as well as address complex contracts, negotiations, valuations, case preparation, litigation and more.

Attorneys turn to us for our unbiased and highly credible appraisals, economic expertise, and unbiased testimony in litigation. We can assist with alternative dispute resolution and bankruptcy-related matters, as well as damage claims, accounting practices, industry issues, valuations, tax and other issues.

In addition, we provide expert testimony lending credibility and grounding to a case. Our experience in the legal system and insight into the communications industry make BIA an invaluable partner and resource.