Mays To Congress: Let Us Own More
October 4, 2005 at 6:58 AM (PT)
CLEAR CHANNEL is asking Congress once again to ease media ownership restrictions. CEO MARK MAYS, speaking to the PROGRESS AND FREEDOM FOUNDATION, said that the company would like new ownership rules to allow a single company to own 10 radio stations in markets of 60 stations or more and 12 stations in markets with 75 stations or more.
Characterizing the terrestrial commercial radio business as "struggling" due to increased competition from new technologies, MAYS said "free radio needs Congress to relax outdated restrictions on our operations... Free radio is not asking for much more room," noting that satellite radio can offer over 150 channels in every city while CLEAR CHANNEL can only offer 8. MAYS also cited Internet competition and said that while CLEAR CHANNEL is streaming and feels that it has to do so, "we are cannibalizing ourselves."
Free radio needs Congress to relax outdated restrictions on our operations...