Chairman Powell, Enough is Enough!
The last year has really cast light on a subject we don't like to discuss in the US: the ever-increasing concentration of the ownership of key assets coupled with the abandonment of true accountability and transparency. Testimony & investigation have unveiled a web of deceit & theft among the richest and most powerful, whether in media, energy, banking or telecom, to the detriment of employees, mom-&-pop shareholders, mutual fund owners, and in the end, consumers.
It is in this environment that the Federal Communications Commission will revise long-standing rules limiting the ownership of media in order to promote diversity & competition. Under Michael Powell, this latest phase of 'deregulation' is likely to lead to the same results from the last binge, courtesy of the 1996 Telecom Act: more concentration, higher costs, less choice, less accountability and more commoditization. In fact, the consequences of the Telecom Act on the radio sector, and subsequently on our own industry, appears to be the only thing that every side of the music industry can agree upon.
Chairman Powell, enough is enough!
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