Another liberal diversity lie: FCC Democrats won't give these minorities a fair hearing

[Leroy N. Soetoro]

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Liberal leaders never miss an opportunity to declare their commitment to
diversity.

From college admissions to collective bargaining and beyond, the mantra
for most Democrats has been the more diversity the better.

But that only goes so far.

When the opportunity arose for the Democratic-led FCC to approve a merger
of what would become the largest minority-owned local television group, it
has failed tragically.

Over one year ago, Korean American entrepreneur Soohyung (Soo) Kim made an
application at the FCC to buy Tegna Broadcasting in a deal worth $8.6
billion. Tegna is America's third-largest broadcast group, with over 64
television stations in 51 markets throughout the United States. Under Soo,
Tegna would become the largest minority-owned broadcast station group in
the country.

Little did he know that despite the historical legacy of such an
undertaking, not everyone would be cheering him on. In fact, Soo gravely
underestimated the deep reservoir of bias, enmity and discrimination he
would face as an Asian American entrepreneur – that is until the liberal
long-knives came out publicly against him.

Up to now, Soo's business career has been the stuff of American Dream
novels. Born in South Korea. Immigrating to the United States at the age
of 6. Learning English by watching "Sesame Street." Studying hard to gain
admission to Princeton. Working his way up on Wall Street to become a
successful investor, and ultimately founding his own hedge fund under the
unassuming name, Standard General.

Today, Soo Kim can claim major investment successes in retail, real
estate, gaming and media. Even so, putting together significant debt and
equity financing to take the publicly-traded Tegna private is no small
feat for any entrepreneur – minority or not.

With a solid plan to improve local news and faith in the fairness of the
regulatory process, Mr. Kim believed the merger would be approved by the
FCC within the customary 180-day window in which the agency acts.

But not so fast.

While Soo Kim is no stranger to opposition, and has had his fair share of
contested deals, the Tegna merger marked the first time the entrepreneur
had encountered the federal government's stonewall of silence. From the
moment Standard General's plans were announced, a collection of self-
styled "public interest groups" and a few representatives of labor unions
coalesced to oppose the application.

Together they, along with former Speaker Nancy Pelosi, Rep. Frank Pallone,
D-N.J., and Sen. Elizabeth Warren, D-Mass., prevailed upon the FCC to see
things their way. According to the Wall Street Journal, Pelosi acted after
receiving substantial campaign contributions from a Democratic donor who
was interested in derailing the Standard General deal.

Things have been anything but normal since.

For the better part of a year, the Democratic-led FCC has successfully
delayed an up or down decision on Mr. Kim's merger application. It has
extended the period of review, made repeated requests for the same set of
documents, and even refused to meet with the principals involved in the
deal to discuss conditions or concerns.

In what could have been the coup de grace after a year of regulatory run-
around, an FCC bureaucrat, acting under delegated authority from the FCC
chairwoman, referred the merger to an internal administrative law judge
for further review. What makes this last act of merger malfeasance so
problematic is that the FCC knew Mr. Kim's financing commitment for the
deal had been extended several times, but would come to a hard stop on May
22. Referring the merger application for a hearing normally takes up to a
year and in most cases means the kiss of death for any deal.

The commission's patent disdain and disregard for commercial and financial
realities in the industry it regulates is appalling.

When Sen. Ted Cruz, R-Texas, the ranking member of the Senate Commerce
Committee and Rep. Cathy McMorris Rodgers, R-Wash., the chairman of the
House Energy and Commerce Committee, learned of these shenanigans, they
raised the red flag. In a joint letter to FCC Chairwoman Jessica
Rosenworcel, Cruz and Rodgers wrote the following:

"The Media Bureau’s decision to send the transaction to an ALJ hearing
violates Commission rules and precedents in several ways.

"First, to keep the Commission accountable to Congress and the public, a
full Commission vote is required for certain matters, particularly those
involving novel issues and/or significant legal or policy consequences.
Designating a multi-billion-dollar transaction such as the Standard
General-TEGNA transaction for an ALJ hearing is precisely the type of
serious decision for which commissioners must take responsibility. The
last time the FCC referred a major transaction to an ALJ, the decision was
made at the Commission level, and the FCC should not have departed from
that precedent.

"Second, the Media Bureau’s HDO relied on novel interpretations of the
Commission’s public interest standard and appeared to ignore – if not
contradict – the Commission’s precedent that ‘an increase in
retransmission consent rates, by itself’ does not constitute a public
interest harm.

"Third, under Commission precedent, the Media Bureau should have provided
the full Commission 48 hours’ notice before issuing the HDO on February
24, 2023. It did not."

Cruz and Rogers have not been the only ones to cite the FCC's departure
from precedent and procedure. There is a long and impressive list of local
legislators, civil rights leaders, acadamic scholars and trade
associations that have written in support of the merger, including the
American Enterprise Institute and American Consumer Institute.

There has been a travesty committed by Democratic leaders in this Standard
General-Tegna deal. While they have consistently given lip-service to
media ownership diversity, their actions speak louder than words. In a
completely private transaction that does not burden taxpayers, involve
public funds or harm competition, liberals have shown an amazing amount of
hubris and hypocrisy.

When it comes to media ownership and meaningful participation in America's
economy it appears the FCC Democrats have built a rampart with the sign:
"Minorities need not apply."


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