ABSTRACT
The Federal Communications Commission (FCC) has a statutory obligation to pursue the public interest through its regulation of broadcast media. The FCC's interpretation of the public interest in broadcasting has led it to pursue three policy objectives: competition, localism, and diversity. 2 This policy triad reflects both efficiency and antitrust considerations and concerns about the social, political, and cultural effects of media. Therefore, in addition to pursuing competition in broadcast markets through quasi-antitrust analysis, the FCC considers the additional elements of diversity and localism. These elements can add considerable nuance and complexity, especially in light of possible interactions between competition and media content. 3
