Trump opposes FCC raising 39% TV ownership cap, Variety reports

President Donald Trump weighed in on the FCC’s potential move to raise or eliminate the current 39% cap on local TV station owners – saying he opposes it if the result would be an “expansion of the fake news networks,” citing ABC News (DIS) and NBC News (CMCSA) specifically, Variety’s Todd Spangler reports. His remarks stand in contrast to the position of FCC chairman Brendan Carr, who was appointed by Trump. Carr has been a vocal advocate for abolishing the FCC’s decades-old rule limiting TV station groups from owning outlets that reach more than 39% of U.S. households. The National Association of Broadcasters also supports eliminating the cap. Trump signaled he would oppose the move if it gave broader reach to “radical left” news networks, the publication adds. Of note, Nexstar (NXST), seeking to clear its $6.2B deal for rival TV broadcast station group Tegna (TGNA), officially filed applications last week with the FCC that include a request for a waiver of the agency’s 39% ownership cap for local TV broadcasters. Both shares of Nexstar and Tegna are trading lower this morning.