Ownership Rules Distort TV’s M&A Market

[Commentary] The Federal Communications Commission ownership regulations have shaped (warped?) today's broadcasting business in many ways and determined what kind of station deals can and cannot be done. For example, the 39 percent cap means many large groups can't merge because they are at or near the limit. But it also complicates their ability to exit the business. There seems to be little interest among lawmakers and regulators in relaxing the ownership restrictions and, frankly, among broadcasters in having them relaxed. So those desiring to buy or sell stations will have to work around (and perhaps exploit) the rules in a market less free than others.