First-run (originally produced by non-TV network studio content makers, aka syndicators) shows such as "Entertainment Tonight," "Jeopardy!," "Wheel of Fortune," "Oprah," "Dr. Phil," and "Judge Judy" plus off-network (reruns) shows such as "I Love Lucy" and "Star Trek" have captured TV viewers for decades. These syndicated shows are paid for by TV stations licensing these shows for cash, a mix of cash and national advertising slots reserved for the syndicator, or a barter arrangement where the syndicator and station split the national ad revenues generated by the shows.
Of course, much has changed since the Big Three (ABC, CBS and NBC) network days of the 1960s. In particular, the advent of independent UHF TV stations, Fox and other new networks, and then the plethora of specialty channels on cable and satellite TV, has fragmented the viewing audience. This fragmentation has been increased by Netflix, Amazon, Disney+, Hulu, and YouTube, among other subscription and ad-supported streaming content providers.
