LeGeyt Bold Outlook for 2024: Optimism Soars for AM Radio and FCC’s Anna Gomez!
The talk of the town at LeGeyt Forecast 2024 centered around the AM For Every Vehicle Act, particularly during NAB President Curtis LeGeyt’s session on the anticipated FCC, legal, and regulatory challenges for broadcasters in the coming year.
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The session, titled “Exploring Broadcasters, FCC, and Congressional Dynamics,” was moderated by Frank Montero, Managing Partner at Fletcher, Heald & Hildreth, under the theme “Signals of Change.” The panel, featuring LeGeyt, Cox Media Group Radio Head Rob Babin, and Estrella Media CEO Peter Markham, delved into crucial insights into the evolving broadcast landscape.
LeGeyt
The discussion kicked off with a focus on the protracted process of ownership transfer in broadcasting, underscoring its dampening effect on sector investment. Markham emphasized the need to instill trust in transactions, advocating for the involvement of local and regional banks with corresponding stations.
LeGeyt addressed the challenge of accessing capital and noted Congress’s growing recognition and support for the valuable role of local broadcasters, particularly in filling the void left by newspapers. Despite the hurdles posed by a Democratic FCC unlikely to deregulate, LeGeyt remained optimistic about legal avenues to promote investment in localism.
Turning to the FCC’s backlog of Quadrennial reviews, LeGeyt expressed hope that the extended process was nearing its conclusion with the 90-day order. While acknowledging the slim chances of a Democrat-majority favoring deregulation, he stressed the importance of completing the process for broadcasters and the NAB to determine their legal options. LeGeyt also discussed his meeting with Commissioner Anna Gomez, highlighting how her unfamiliarity with radio’s inner workings could benefit broadcasters by showcasing the evolving media landscape.
Addressing foreign ownership, a topic reopened after the FCC ruling on Alpha Media’s restructure, Markham advocated for easing restrictions to encourage innovation, acknowledging the inevitability of indirect foreign investment with significant capital involvement.
LeGeyt expressed visible satisfaction when discussing the AM For Every Vehicle Act’s prospects in the US Congress, awaiting a Senate floor vote. With over 40 co-sponsors in the Senate and 180 in the House from both sides of the aisle, he emphasized the Act’s “very strong opportunity,” particularly as Republicans aimed to showcase governance and legislative prowess before the 2024 Presidential election.
The panel also delved into the critical role of AM radio as an emergency tool, with Babin highlighting the need to safeguard all distribution points and exploring innovative approaches, such as CMG’s recent inclusion of local high schoolers in one of the company’s Orlando AMs to host radio shows.
Closing the discussion, the panelists shared their predictions for 2024, with Markham anticipating progress on major issues, Babin underscoring the election’s role in emphasizing the importance of local independent thinking, and LeGeyt expressing optimism about advancing AM-related matters and anticipating ongoing legislative action.
