The Federal Communications Commission (FCC) announced Monday it will do away with a total of 83 media-related rules that have been deemed outdated, including the controversial Fairness Doctrine, as part of a larger mandate proposed by the Obama administration.
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FCC chairman Julius Genachowski says putting an end to the “outdated” rules would give media companies more freedom, less encumbered by regulations. The FCC’s decision also drastically reduces satellite and broadcasting license fees.
The decision is part of the FCC’s move toward updating its regulations to reflect changes to modern technology, “thereby clearing the path for greater competition, investment and job creation,” according to Genachowski.
Garnering the most attention of the now defunct rules will no doubt be the Fairness Doctrine, which required media platforms to give both left and right wing politics equal coverage. Though the rule hasn’t been enforced since President Reagan called it unnecessary and even went so far as to say it may infringe upon free speech, it remained on the books until now.
Many media companies will rejoiced at the 82 other regulations thrown out the window Monday, with fewer content restrictions giving them more power to make the moves necessary to build their businesses.
Stocks to Watch: Comcast (NASDAQ:CMCSA), DirecTV (NASDAQ:DTV), Dish Network (NASDAQ:DISH), News Corp. (NASDAQ:NWSA), CBS Corp. (NYSE:CBS), Walt Disney (NYSE:DIS), Time Warner (NYSE:TWX), Viacom (NYSE:VIA), Sirius (NASDAQ:SIRI), Charter Communications (NASDAQ:CHTR).