This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Middle Easterners Ready to Pounce on U.S. Media

For one, Federal Communications Commission rules put a 20% ownership limit on foreign buyers of U.S. broadcast media.

Blumberg says he is conscious and observant of such rules and said the planned media fund would aim to integrate regulated and less-regulated types of media without tripping over any regulations.

News Corp. (NWS - Get Report) CEO Rupert Murdoch, an Australian by birth, got around the foreign-ownership rule by becoming an American citizen in the late 1980s, when he purchased several U.S. television stations.

"It will be like creating a private media company," says Blumberg, emphasizing the importance of making his investment properties work together. He adds that he will consider any type of media as fair game for investment, public or private. The investment vehicle will be structured as an open-ended investment fund.

The fund's creation also comes amid a freshly heated debate in Washington and around the country about whether the FCC should allow more consolidation of media in the U.S. Next week, the Senate Commerce Committee is scheduled to vote on a bill that could stop the FCC from loosening cross-ownership between broadcast and newspaper media outlets.

Perhaps the most significant challenge to deep-pocketed foreign buyers is that the media business is not a growth business. Media outlets mostly have been floundering as the U.S. economy embarks on a slowdown, which typically dampens its advertising revenues.

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs