Law Commons^™

The Value Of The Tax Certificate, Kofi Asiedu Ofori, Mark Lloyd

Federal Communications Law Journal

Tax certificates are an example of successful incentive regulation. Prior to its repeal in 1995, section 1071 of the Internal Revenue Code permitted the tax-free sale or exchange of media properties to effectuate policies of the Federal Communications Commission. Enacted by Congress in 1943, this provision was originally used to soften the hardship created by involuntary sales of broadcast properties made necessary to reduce ownership concentration in the radio industry. In 1978, the tax certificate was used to promote goals to increase minority ownership of a variety of communications properties. This Article discusses the "value" of tax certificates as a …

Investment In Minority-Owned Media: A Social Investor’S Perspective, Lloyd Kurtz

Federal Communications Law Journal

Access to capital for minority media remains problematic in the pension and mutual fund world, even among those organizations that practice "socially responsible" investing. The reasons for this include the behavior traits of all institutional investors and the relatively undeveloped state of socially responsible investing. However, modern social research suggests that large media conglomerates, such as Disney, Time-Warner, and Viacom, might be potentially approachable sources of capital for minority media.

Forum: New Approaches to Minority Media Ownership, Columbia Institute for Tele-Information, Columbia University.