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Viacom to keep CBS, UPN
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April 19, 2001: 11:35 a.m. ET
FCC votes to change rules, allow one company to own two TV networks
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NEW YORK (CNNfn) - Federal regulators loosened network ownership rules Thursday in a move that allows Viacom Corp. to keep both CBS, which it acquired last year, and UPN.
The Federal Communications Commissioned decided to relax its restriction against a single company owning two networks and will allow major television networks to own smaller rivals and is an attempt to promote media diversity.
The revised rule will allow Viacom Corp. (VIA: Research, Estimates) to keep both CBS and UPN. The FCC previously had ordered Viacom to either sell or shut down UPN by next month.
However, the commission kept one prohibition that precludes two of the four major television networks — ABC, CBS, NBC and Fox — from merging.
The FCC has shown more willingness in recent months to ease long-held regulations that prevent cable and broadcasting companies from growing too large, the Wall Street Journal said. Regulators in May also will begin evaluating whether to change a rule that bars one company from owning a broadcast station and daily newspaper in the same market. However, a final decision could be months away.
Consumer advocacy groups are concerned that the trend to consolidate will reduce the diversity of news and entertainment available to television viewers, the paper said. 
-- from staff and wire reports
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