By John Eggerton, Broadcasting & Cable Online, 2-7-18
The U.S. Court of Appeals for the Third Circuit has denied a petition from Prometheus Radio Project that it effectively stay the FCC’s November vote to deregulate local broadcast ownership. The court suggested the jury was still out on the FCC’s response to the court’s direction on ownership diversity and that Prometheus did not make a case for direct action from the court.
That court denial of the writ request means the FCC’s decision to eliminate crossownership rules and loosen other local ownership restrictions goes into effect and could mean that Sinclair Broadcasting can keep more stations in the Tribune deal than under the old rules or if the court had granted the writ of mandamus Prometheus sought.
“The 3rd Circuit’s decision gives the green light to M&A in the broadcast sector and has been seen as a good sign by Wall Street,” said Adonis Hoffman, chairman of Business in the Public Interest. » Read More