Final answer:
In a barter syndication arrangement, national advertisers and local stations mutually benefit, with local stations receiving free programming and the ability to sell some ad time. National advertisers gain access to multiple markets, and local stations, also known as affiliates, can offer both national content and local advertising opportunities.
Step-by-step explanation:
Under a barter syndication arrangement, national advertisers can participate in the syndication market with the convenience of a network-type media buy, while local stations receive free programming as well as some advertising time to sell to local or spot advertisers. In this model, local stations are provided with syndicated content without having to pay for it, and in exchange, the syndication company retains some of the advertising slots during the broadcast to sell to national advertisers. This allows the local station to avoid the expenses of producing content and still sell ad time, while national advertisers gain access to multiple markets through one transaction.
A local station that broadcasts national network programming is known as an affiliate. These affiliates are part of a larger network structure but also have the autonomy to diverge from the national schedule for local emergencies or events. They benefit from the relationship by having access to high-quality national content while retaining the ability to reach their local audience with regional advertising and information.