FCC Creates Dimmer Picture for TV Stocks
Insiders in the TV industry call Martin's proposal the "Tribune Preservation Act," since Tribune owns a number of CW affiliates that aren't in the top four, along with newspapers in markets like Chicago, Los Angeles, Miami and New York City. The rule change could therefore remove regulatory obstacles to the company's $8.2 billion buyout deal with real estate magnate Sam Zell.
Otherwise, media companies have largely disparaged the proposal as too limited and, in some cases, damaging to existing businesses. Tribune itself objected because while the proposal helps it in some markets, it could require the company to sell its newspaper or a TV station in Hartford, Conn. Moreover, it could delay the deal into 2008, triggering further payments to public shareholders.
Media General (MEG), publisher of the Richmond Times-Dispatch and Tampa Tribune, has criticized the plan for focusing on top 20 markets only, since it may have to sell a number of properties in smaller markets where it currently holds waivers to the restrictions.
The nation's largest newspaper publisher, Gannett (GCI), has also voiced opposition, since it could have a conflict in Phoenix, where it owns the Arizona Republic and the local NBC affiliate, one of the top four TV stations in the market."We also want
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV