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FCC votes to review national TV ownership cap (updated)

Published 12/14/2017, 02:03 PM
Updated 12/14/2017, 02:03 PM
© Reuters.  FCC votes to review national TV ownership cap (updated)

© Reuters. FCC votes to review national TV ownership cap (updated)

  • As its final agenda item on a day where it repealed its net neutrality regulations, the FCC also voted on another split 3-2 vote to review the national TV audience reach cap that limits ownership of local broadcast stations by a single entity.
  • Those rules cap an aggregate reach at 39% of U.S. TV households.
  • The move's a bit controversial as the cap was set by Congress rather than the commission, and there's debate even inside the agency about its authority to review the limit.
  • The rule change was seen (along with earlier moves that also reinstated the "UHF discount") as a key component in a buyout of Tribune Media (NYSE:TRCO) by Sinclair Broadcast Group (NASDAQ:SBGI) to create a local broadcasting giant.
  • That combination would hold 233 stations and reach 72% of the country. SBGI, up as much as 2.1% earlier, has dropped into the red, -0.2%; TRCO has trimmed gains to 0.5%.
  • Other local-media players: TGNA; TRNC; NEWM; GCI; MNI; GTN; SSP; NXST.
  • Updated 2:15 p.m.: Related to the FCC's earlier action, New York Attorney General Eric Schneiderman says he will lead a multi-state lawsuit to stop an "illegal rollback of net neutrality." The move is an "early Christmas present" for Big Telecom, he says.
  • Now read: Here's What Might Happen If Bitcoin Crashes


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