FCC Staff, Attorneys Urge Diligence at FCBA Transaction CLE
Communications attorneys and FCC staff emphasized thorough research and open communication with the FCC, speaking at an FCBA virtual event on The Nuts and Bolts of Telecom and Media Transactions Thursday. While working on transactions, attorneys must verify their clients'…
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standing with the FCC and ownership of FCC licenses, said J.G. Harrington of Cooley. “Independent diligence is really essential,” he said. “People forget about [FCC] authorizations all the time.” Attorneys need to fully understand what their clients are buying or selling, said Elizabeth Park of Latham Watkins. Communicating with the FCC early about a proposed deal is the best way to avoid unexpected obstacles, attorneys said. “I highly encourage people to give us a call,” said Dennis Johnson of the Wireline Bureau. “It is much easier to talk through how to file something properly than to correct a misfiled application.” Ex parte rules won’t yet apply before a transaction is filed, so FCC staff and parties can talk more freely, said Jim Bird, who oversees transactions for the agency's Office of General Counsel. He said the FCC works closely with DOJ on transactions, sharing confidential information on major deals. “It has been a very fruitful cooperation,” Bird said.