NAB Says “Seismic Changes In Media Landscape”
The NAB’s Dennis Wharton said, “NAB strongly opposes efforts to overturn the FCC’s exceedingly modest reforms made to media ownership rules. We are hopeful that policymakers ultimately come to fully appreciate the seismic changes in the media landscape over the last three decades, and stand down on this unnecessary proposal.”
This would seem to be an acknowledgment of a competitive environment in the media sector.
Tyler,
Crafty wording by the NAB but a man of average intelligence can see through their real reasoning behind the anti-merger stance. I like this excerpt from Commissioner Copps on the Clear Channel deal. I wonder if his concerns apply to satellite radio also.
Commissioner Copps: “The Commission’s lack of curiosity here is all the more troubling in light of the announcement
last month by Standard & Poor’s that when the transaction closes it will cut its ratings on Clear Channel
two notches deeper into “junk” territory—and may cut them further—due to the subordination of existing
debt to new bank debt. According to news reports, Moody’s said it likely will downgrade the company to
“junk” status as well when the deal closes. What is the market trying to tell us? How stable is the new
company and what are the chances, given the jittery markets, that it could slip into bankruptcy? If it does,
what impact would that have on its ability to serve the public interest? Clear Channel is not in the
business of selling widgets; it is providing a vital public service that people depend on for emergency
alerts and other important news and information. The American public has a vital interest in ensuring the
financial stability of its broadcast licensees. The FCC, apparently, does not. There is no mention of last
month’s events in the Order.”