WASHINGTON, D.C. — Down at the Portals, the FCC is considering the relaxation of its ownership rules. On Capitol Hill, the Senate Commerce Committee successfully approved the reappointment nominations of Ajit Pai and Jessica Rosenworcel while narrowly giving Brendan Carr the nod to serve as a Commissioner through June 2023.
Up on Georgia Ave., in downtown Silver Spring, Md., the head of a formidable group of radio stations targeting African-American consumers would love nothing better than new rules that would allow a company to own more stations.
“Industry consolidation will be good for our industry,” Alfred Liggins III, Urban One’s President/CEO, said in response to an analysts query about potential deals for Urban One. “We’re up against the [ownership] caps in Richmond and in Raleigh. We could get bigger.”
That’s not likely, however, as the biggest issue Liggins has with potential deals today are the valuations, which are too high and therefore present merger & acquisition opportunities that are not attractive.
If not Urban One, what about another company getting bigger? “There should be some consolidation … there should be some swap-around.”
He added that he can’t speak for “the other guys,” but singled out debt-laden iHeartMedia and Cumulus Media as entities that could benefit from allowing smaller companies to grow.
Specifically, Liggins said, “Cumulus and iHeart got a lot of wood to chop.”