Skip to main content

Nets back McCain tax credit

Heads of the "Big Four" networks Thursday endorsed Senate Commerce Committee
chairman John McCain's (R-Ariz.) minority-tax-credit bill.

In a letter to McCain, Viacom Inc. president Mel Karmazin, News Corp.
president Peter Chernin, ABC president Robert Iger and NBC chairman Bob Wright
praised legislation granting tax breaks to media companies that sell properties
to minorities, women and small businesses.

In a swipe at current media-ownership limits designed to foster diversity,
they said ownership of broadcast outlets by minorities and women has "stagnated
at unacceptably low levels" despite the "intrusive structural regulations."

They called McCain's bill "a market-based, voluntary approach to facilitating
ownership opportunities."