Minority Broadcasters Seek Federal Aid

A group of minority broadcasters asked Treasury Secretary Tim Geithner for fin'l. assistance akin to aid extended to the financial & auto ind. "Minority-owned broadcasters are close to becoming an extinct species. Even in better economic times, minority broadcasters have historically had difficulties accessing the capital markets," it said. The broadcasters told him they can bounce back if they're given some temp assistance while the credit markets slow. "Unlike auto business, broadcasting's been healthy for many years," it said. The broadcasters appeal follows a proposal in May to Geithner by a group of influential House members asking for a min. broadcaster support program, bridge funding, or gov't.-loans. The House letter was signed by House Majority Whip James Clyburn & a group of key committee chairmen, including Financial Services Committee Chair Barney Frank, Ways & Means Committee Chair Charles Rangel & Oversight Committee Chair Edolphus Towns. At a hearing, National Assn. of Black Owned Broadcasters President Jim Winston told lawmakers advertisers severely cut investments in minority audiences at the same time min. broadcasters have difficulty negotiating loan terms with banks. Research from the Internet advocacy group Free Press says minorities own 7.7% of full power commercial radio stations & 3.2% full power commercial TV stations. Minority broadcast ownership also is an issue important to FCC Commissioner Michael Copps, who was acting chair of the agency earlier this year. Companies & groups signed on to the Geithner letter included National Assn. of Black Owned Broadcasters, Inner City Broadcasting Coalition, Spanish Broadcasting System, Taxi Productions & Carter Broadcast.