The Minority Media & Telecom Council (MMTC) marked Sun. (May 25) ...
The Minority Media & Telecom Council (MMTC) marked Sun. (May 25) as the 25-year anniversary of what it called “one of the most significant achievements in the history of communications policy.” In 1978, under then-Chmn. Richard Wiley, the FCC…
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adopted its statement of policy on minority ownership in broadcast facilities, which included tax certificate and distress sale policies. The tax policy allowed companies selling stations to minorities to receive a deferral of capital gains taxes on the sale. The distress sale policy allowed a company facing an FCC license renewal or revocation hearing to avoid the loss of its investment by selling its stations to minorities for 75% or less of fair market value. MMTC said those policies were largely responsible for increasing the number of minority-owned broadcast properties to 320 by 1995 from 60 in 1978. “Few civil rights initiatives have been so effective,” the MMTC said. The tax policy was repealed by Congress in 1995, and the distress sale policy is rarely used today, MMTC said. The council noted that current FCC Chmn. Powell announced last week (CD May 20 p6) that he was forming a federal advisory committee to find new ways to create opportunities for minorities and women in telecom.