Ever since Congress passed the Communications Act of 1934, the broadcasting industry has chafed under increasingly heavy regulation. The reason: the air waves were considered to be a limited resource that needed to be carefully controlled by Government in the public interest. But last week the Federal Communications Commission (FCC) took a major step toward deregulation of the broadcast industry by relaxing a 31-year-old restriction on the number of radio and television outlets that a company can own. The old 7-7-7 Rule, as it was known, stated that no company could own more than seven AM radio stations, seven...
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