The buzz surrounding the AM For Every Vehicle Act was top of mind at Forecast 2024, but no more so than when NAB President Curtis LeGeyt took the stage for a session on what FCC, legal, and regulatory issues broadcasters will likely face in the year ahead.
Exploring Broadcasters, FCC, and Congressional Dynamics,” Moderated by Fletcher, Heald & Hildreth’s Frank Montero, Managing Partner, “Signals of Change” provided vital insights into the evolving landscape with LeGeyt, Cox Media Group Radio Head Rob Babin, and Estrella Media CEO Peter Markham.
The panel opened with discussion on the prolonged process of ownership transfer in broadcasting, highlighting its discouraging effect on investment in the sector. Markham stressed the importance of creating trust in transactions and involving local and regional banks with local/regional stations.
LeGeyt, in turn, addressed the issue of access to capital, and how Congress is coming to recognize and support the valuable contributions of local broadcasters, especially in filling the void left by newspapers. He acknowledged the challenges posed by a Democratic FCC unlikely to deregulate but remained optimistic about legal actions to promote investment in localism.
As for the FCC’s backlog of Quadrennial reviews, LeGeyt talked about how the long road to get the Commission to take action is hopefully almost at an end with the 90-day order. While it isn’t likely a Democrat-majority would rule in favor of deregulation, he said it will be good to simply have the process completed so broadcasters and the NAB can know what legal recourse to take, or not take. LeGeyt talked about meeting with newest Commissioner Anna Gomez and how her unfamiliarity with some of radio’s inner workings could work in favor of broadcasters, because she would see how much the media landscape has changed.
On the issue of foreign ownership, reopened after this year’s FCC ruling on Alpha Media’s restructure, Markham advocating for easing restrictions to foster innovation. He mentioned that indirect foreign investment is inevitable with major capital involvement.
On the hot topic of AM radio, LeGeyt was visibly pleased when discussing the AM For Every Vehicle Act’s chances in US Congress as it awaits a vote on the Senate floor. With now more than 40 co-sponsors in the Senate and 180 in the House on both sides of the aisle, he said that the Act has a, “Very strong opportunity,” especially as Republicans are eager to show their ability to govern and pass legislation ahead of the 2024 Presidential election.
The panel also discussed the importance of AM as an emergency tool, with Babin emphasizing the protecting all distribution points while exploring creative avenues like CMG’s recent addition of bringing local high schoolers in to one of the company’s Orlando AMs to do radio shows.
The panelists shared their predictions for 2024 to close, with Markham expecting progress on major issues, Babin highlighting the election’s role in emphasizing the importance of local independent thinking, and LeGeyt optimistic about moving the ball forward on AM issues and expecting continued legislative action.
