Earlier this month, the buy-out firm where former FCC chairman Michael Powell is a “senior advisor,” Providence Equity Partners, acquired a 10% stake in the new online joint venture run by GE/NBC Universal and Murdoch’s News Corp. Providence contributed $100 million to what is valued as a $1B business. Named for now “New Site,” the venture is aimed at competing with Google’s YouTube and provide a broadband video platform more under the control of major entertainment and advertising brands. Content and ad deals have already been made with Time Warner, Intel, Cisco, Cadbury Schweppes, Esurance, and General Motors. As long as we have former FCC chairs and commissioners–and top staff–going to work for the very companies they once regulated, the Commission’s work will be suspect. With the next FCC opening, advocates should press for a candidate who commits not to escape via the oh, so lucrative, media & communications biz revolving door.
By the way, the role which private equity is reshaping the media business–much to its ultimate detriment, in my opinion–is the focus of an upcoming Columbia University event. Prof. Eli Noam, who organized the session, has a thoughtful piece on the issue that appeared in the Financial Times. Advocates and policymakers must press Congress to hold hearings on the role of private equity in media deals and the public interest. New laws, regulations, and strategies are required to protect democratic governance and accountability of communications in the digital era.
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