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Cable World, August 25, 2003

POWELL RUNNING ON LOCAL TRACK

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When Michael Powell, chairman of the Federal Communications Commission, announced a new initiative to improve localism in TV and radio, most of the responses suggested that he was doing too little, too late to assuage his critics in Congress. However, according to a telecom lawyer who asked for anonymity, the Powell initiative could become "a double-edged sword that cuts into both broadcast and public interest groups' positions, and leaves Powell unscathed." Part of his review will consider whether TV and radio licenses are too often renewed with minimal investigation into their public service actions, coverage spent on local news and local issues. "The FCC may find that some station groups such as Sinclair are skimping out of their local obligations," said one broadcast group lobbyist. The review may not stop with over-the-air broadcasting. Sen. John McCain (R-Ariz.), chairman of the Senate Commerce Committee, said on June 4 that he is concerned with public interest obligations of cable conglomerates. One issue gaining public attention and traction with some members of Congress is large cable systems that cut back on local access programming and channels. An FCC staffer said that it was possible that the panel Powell had convened would review cable systems' role in localism.

FULL CHANNEL EYES COX'S TURF

After watching Cox Communications overbuild it in its home territory of Bristol County, R.I., Full Channel TV has applied to the Rhode Island Department of Public Utilities to build a cable system in East Providence, R.I., where Cox dominates. A Cox spokeswoman said Cox "strongly supports marketplace competition."

CVC CREDIT WATCH

Standard & Poor's said Friday it still could downgrade Cablevision Systems Corp.'s credit ratings. Cablevision said Aug. 5 that its auditor could not complete its review of CVC's financial statements until ongoing accounting investigations are completed.

MOODY'S SOUNDS CHARTER WARNING

Moody's Investors Service said Charter Communications may not be able to comply with financial covenants under at least one of its bank credit lines. The update was prompted by Charter's recent cancellation of a planned debt refinancing.

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Cable World, August 25, 2003

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