Even if one expects TV-channels to select their program-mixes mainly by relying on the preferences of TV-viewers for the content of these programs, they cannot neglect the side-effects of their selection on their advertising rev- enues. For instance, a TV-channel can possibly compensate a loss in the audience resulting from an increase in its advertising rate by increasing the fraction of its broadcasting time devoted to sport, at the expense of the share devoted to culture. Since a more significant fraction of TV-viewers prefer sport to culture, this substitution could prevent some viewers to shift to a compet- ing channel as a consequence of the advertising rate increase
