"Completely legal, like it or not. All of the FCC rules were followed. Clear Channel, Jacor, and/or Randy Michaels were not in the meetings at the FCC when the rules were crafted - they were the smart kids in the class who figured out how to beat the system. "
Smart kids, maybe. Unscrupulous operators who looked to do an end run around licensing requirements, absolutely. The license says you're supposed to serve the "public interest as a public trustee". Where does greed and ego play into that?
The Telecom Act of 1996 has allowed these hacks to beat the system to within an inch of its life. Have we checked the radio stocks lately? Anybody making money off CCU, Emmis, Cumulus, CBS or Saga these days? I can't tell you how many CCU execs are wishing they hadn't banked on those stock options for their future welfare. And there are just as many horror stories from CBS/Infinity. Jeff Smulyan can't even buy back his stock and go private, as the Wall Street vultures are suing him over it. You can bet the Mays brothers' salaries don't reflect the stock price of CCU.
And, the same Wall Street hacks now control the voice at most of the radio, TV and at movie/TV makers...many of those controlled by foreign corporations and banks (Vivendi, News Corporation come to mind). At least in the "bad old days" of regulation, only Americans were allowed to own stations, the same companies who made movies weren't allowed to own the delivery pipeline. The ownership limits were there so that no one company could control public opinion.
Smart. Real smart. The smart kids turned radio into an industry that eats its young and spits them out, while reducing the product to a shell of its former self, just so, ultimately, the same three bankers could own everything. Yeah...they're smart, all right. Nice work, guys.
Glad we stuck with our P&G stock.