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Possible Answers:
FCC.
Last seen on: NY Times Crossword 27 Dec 22, Tuesday
Random information on the term “FCC”:
The 1978 Broadcast Policy Statement on minority ownership is a publicly issued statement by the Federal Communications Commission (FCC) regarding the state of minority and gender based ownership, the implications of previous ownership policies, and by taking affirmative action set into place two new additional policy measures aimed at progressing and encouraging continued diversity in media ownership. In this statement the FCC officially set forward two new programs favoring minority ownership of broadcasting facilities.
First, the program sought to stimulate diversity with the Tax Certificate Policy. This policy worked by awarding like-kind tax exchange breaks to licensees who sell their licenses to minorities. This was a two-year like-kind exchange, whereby the seller would not be required to pay taxes on money made by selling their license, as long as the capital gains are reinvested into a similar communication industry within two years of the sale. In addition the second program implemented through this statement was the Distress Sale Policy, which held that any license owners facing scrutiny by the FCC and potential license revocation, can sell their station to a minority buyer for 75% of the appraised value. The benefit of the Distress Sale Policy for licensees under investigation by the FCC, is that once they sell their license to a minority owner, the FCC would reward them by ceasing their inquiry into the licensee. The statement would also formalize the Comparative Hearing Process.