Make Way for More Media Giants: FCC Paving Way for Titans to Cross-Own Entities

The FCC may allow the media landscape in top-20 markets to resemble the one in New York City -- where media mogul Rupert Murdoch is permitted to own television stations and newspapers.

The internet has been abuzz for the past month with news that FCC chairman Julius Genachowski circulated a plan to his fellow FCC commissioners to strike down the long-standing regulation preventing media entities from cross-owning newspapers, radio and television stations in the same market.

Genachowski's plan suggests that the commission vote to "streamline and modernize media ownership rules, including eliminating outdated prohibitions on newspaper-radio and TV-radio cross ownership."

Those living in New York City might be under the impression that media conglomerates are already permitted to cross-own. Murdoch's News Corporation owns the New York Post, the Wall Street Journal and the local television stations WNYW (channel 5) and the New Jersey-based WWOR (channel 9).

More »