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Here's great news! The rich and famous owner of News Corp Rupert Murdoch has his eyes and his hands on Newsday. News Corp is the world's largest media conglomerate company by market capitalization, Rupert Murdoch being the company's Chairman and Chief executive officer.
There are rumors going around that Murdoch is planning
to buy another New York media property, in addition to the many others
he own (New York Post, Wall Street Journal).
In this crazy world of media regulation, there is
nothing that federal regulators can do to stop Murdoch or any other
media baron from owning a TV station and also buying a newspaper in the
same market.
The FCC has no power when it comes to reviewing Murdoch's bid to
purchase Newsday in advance. But there is also a turn around, when it
comes time for the TV stations in that area to get a license renewal
the panel does have every right to question if Murdoch's purchase of
the paper is in the interest of the public.
There are those who encourage Murdoch's purchase and there are some who oppose either because they fear Murdoch himself or they fear an increasingly consolidated media market. Well for those who do fear, fear no more for last year, News Corp renewed its license to operate TV outlets WNEW and WWOR.
Murdoch has already managed a number of waivers in the area.
Murdoch's waiver to own WWOR and the New York Post and, in effect, WNEW, expires at the end of the year. That waiver might or might not have to be renewed depending on the legal status of the new ownership rules that were approved last year by the FCC, which allows one person or company to own both a newspaper and a TV station in the top 20 markets.
In order for News Corp to purchase Newsday they might have to sell something or they would need a waiver. Or would they? according to the rule a broadcast baron can buy a newspaper. There is also question on what market is served by the different media properties. Also, Tribune Co. who owns Newsday and News Corp is experiences legal challenges because of the new rule.
Depending on how far News Corp is willing to take this, if the FCC disapproves, Murdoch can then take it to an ALJ (Administrative Law Jude) hearing, if that fails the deal would be reviewed by the commission, from there straight to the D.C. Circuit Court of Appeals.
What a mission! This could end up at the supreme court!
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