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FCC May Modernize Media Ownership Soon


Bloomberg is reporting that the commission could vote on the chairman’s proposal for broad cross-ownership relief in days without meeting in public. Broadcasters and newspaper publishers argue that the Internet has changed the game and has made it more difficult to compete. Broadcasters say relaxed ownership regulations would allow them to compare on a more fair playing field with a media landscape that drastically changes. Publishers say they would be able to produce more local news and information. By law, the FCC must periodically review its ownership regulations. FCC Chairman Julius Genachowski has asked for a vote to “streamline and modernize” media ownership rules.

The NAB has come out in favor of lifting restrictions. Many large broadcasters are also in favor of more deregulation. Bloomberg says, Tribune filed for bankruptcy in 2008, one year after a buyout led by real-estate billionaire Sam Zell. It owes creditors about $13 billion. The company is valued at more than $7 billion, Tribune said in court papers. Tribune officials have said the company will be able to leave bankruptcy this year if the FCC approves the reorganization plan and the license transfers.

Read the entire Bloomberg story HERE

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