Current US media ownership laws stop a company from owning TV stations that broadcast to more than 35% of the national audience.
They also prevent a company from owning a TV and newspaper or radio station in one market, cap the number of TV or radio stations that can be owned by one company in one area, and stop companies from owning more than one of the four major broadcast networks.
A relaxing of the laws would open up the US media landscape to consolidation and could see some of the major US media players in broadcasting and publishing taking control of larger chunks of the market.
The review will be particularly good news for Rupert Murdoch's News Corporation and rival Viacom. News Corp broke the ownership limits when it acquired the 10 Chris-Craft TV stations in July 2001. Viacom exceed the limits when it merged with CBS in 2000. The FCC granted both companies temporary waivers.
In publishing, the news will be welcomed by Tribune Company, which has been lobbying the regulator to get rid of the laws that prevent a company from owning a newspaper and TV in one market.
Tribune Company's core strategy of owning TV stations, newspapers and websites in New York, Los Angeles and Chicago is dependent on media ownership laws being relaxed.
The FCC is set to come under pressure from the UK to relax laws preventing UK companies from owning more than 35% of its media companies. The UK government is set to allow non-EU companies to buy terrestrial UK companies such as ITV or Channel 5. However, many UK broadcasters are unhappy with the idea unless a reciprocal law is introduced in the US.
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