The FCC Media Bureau approved the assignment 26 radio stations...
The FCC Media Bureau approved the assignment 26 radio stations licensed to Cox Radio to SummitMedia and Connoisseur Media. The bureau also denied a petition to deny the assignment from Citizens for Equity in Taxation. CET argued that the applications…
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will be part of a like-kind exchange and “that their grant will offer tax avoidance benefits to Cox,” the bureau said in an order (http://bit.ly/14lrXac). The Internal Revenue Service “expressly has approved the use of like-kind exchanges in transactions involving broadcast properties,” it said. The FCC “has not previously found the fact that a transaction involved a like-kind exchange to be of concern."