FCC Rules Up in the Air

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By: Lucia Moses Last week's federal appeals court decision to temporarily block the FCC from relaxing media ownership rules will further discourage cross-ownership-minded companies that already were taking a wait-and-see approach. "I would think companies would certainly think twice about doing something," said Kevin M. Lavalla, managing director at the Jordan, Edmiston Group Inc. investment bank.

The decision by the three-judge U.S. Court of Appeals for the Third Circuit reinstates the old rules until the case against the FCC is resolved. That could take at least three months, estimated investment banker Thomas J. Buono, chairman and CEO of BIAfn.

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