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Full-Text Articles in Law
Equity Pooling And Media Ownership, Peter Chinloy
Equity Pooling And Media Ownership, Peter Chinloy
Federal Communications Law Journal
This Article outlines a method of pooling equity for acquiring a portfolio of media properties. Each participant receives a security containing an investment return and a management right. The management right goes only to one successful bidder, offering a cash payment to other investors as an access price. By offering repeat bidding on several properties, different members of a pool achieve ownership while diversifying their risk. Alternatively, an investor not wishing management receives a higher compensating return. The procedure is particularly suited to media properties dependent on local advertising such as radio, "free" community newspapers, and television outlets. These properties …
The Fcc’S Minority Tax Certificate Program: A Proposal For Life After Death, Erwin G. Krasnow, Lisa M. Fowlkes
The Fcc’S Minority Tax Certificate Program: A Proposal For Life After Death, Erwin G. Krasnow, Lisa M. Fowlkes
Federal Communications Law Journal
In 1995, Congress eliminated the Federal Communications Commission’s (FCC) Minority Tax Certificate Program—a nonintrusive method of encouraging increased participation of minority entrepreneurs as owners in the broadcast and cable industries. Since that time, minorities have faced increased difficulties competing in all facets of the communications industry. These difficulties can be attributed to: (1) increased consolidation within the broadcast industry as a result of provisions of the Telecommunications Act of 1996 relaxing certain broadcast ownership limitations; (2) recent court decisions adverse to minority-specific programs; and (3) continued obstacles faced by minorities in accessing sufficient capital to acquire licenses and compete in …