Who Pays the Channels
Abstract
Congress set the national television ownership limit at 35 percent in 1996 and raised it to 39 percent in 2004; in 2026 the FCC waived it for Nexstar and then repealed it. Proxy statements list Vanguard, BlackRock or State Street above 5 percent at each of 17 media, pharmaceutical and defense companies, on dates from 31 December 2023 to 30 June 2026. Distribution fees exceed advertising at Nexstar, Warner Bros. Discovery and Disney's linear networks, and drug advertising to consumers grew from $1.3 billion to $6 billion in 2016 dollars between 1997 and 2016. Studies find less newspaper coverage of advertisers' car recalls and drug side effects, and find no advertiser effect on fund recommendations at the Wall Street Journal or the New York Times. In 2025 the FCC approved Paramount's transfer, Paramount announced a settlement, and Nexstar preempted a late-night program while its merger was pending.
1.1 Ownership law and the FCC
Two statutes set the national limits on broadcast ownership. The Telecommunications Act of 1996 was approved on 8 February 1996, under the Clinton administration. The Consolidated Appropriations Act, 2004 was approved on 23 January 2004, under the Bush administration.
The Telecommunications Act of 1996 directed the FCC to eliminate any national limit on the number of AM or FM stations one entity may own, set the national television audience-reach limit at 35 percent and set broadcast license terms of up to 8 years. The Consolidated Appropriations Act, 2004, approved 23 January 2004, raised the television limit to 39 percent and exempted the 39 percent rule from the Commission's quadrennial review.
The 1996 Act dealt with all three in sections 202 and 203. Section 202(a) is the radio provision. The 2004 Act raised the television limit by four points in section 629 of Division B and placed the 39 percent figure outside the quadrennial review.
Evidence: Exhibit 946, Exhibit 947
Mechanism: The middleman
Exhibit 946 · Statute
Telecommunications Act of 1996, Pub. L. 104-104, sections 202 and 203 (broadcast ownership; term of licenses)
by eliminating any provisions limiting the number of AM or FM broadcast stations which may be owned or controlled by one entity nationally.
Section 202 directs the FCC to eliminate any national limit on the number of AM or FM stations one entity may own, to set local radio caps by market size (8 stations in markets of 45 or more, down to 5 in markets of 14 or fewer), to eliminate the national limit on the number of television stations and raise the national audience-reach limit to 35 percent, to review local television limits, and to review its ownership rules biennially. Section 203 sets broadcast licence terms of up to 8 years.
- Source
- United States Congress
- Date
- 8 February 1996
- Quoted from
- Sec. 202(a), 110 Stat. 111
- Grade
- Primary record
- Document
- https://www.govinfo.gov/content/pkg/PLAW-104publ104/html/PLAW-104publ104.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
Exhibit 947 · Statute
Consolidated Appropriations Act, 2004, Pub. L. 108-199, Div. B, sec. 629 (national television audience-reach limit)
in section 202(c)(1)(B) by striking “35 percent” and inserting “39 percent”
Amends section 202(c)(1)(B) of the 1996 Act to change the national television audience-reach limit from 35 to 39 percent, adds a two-year divestiture period for entities that exceed it by acquisition, makes the quadrennial review under section 202(h) exclude rules on the 39 percent limit.
- Source
- United States Congress
- Date
- 23 January 2004
- Quoted from
- Div. B, sec. 629(1), 118 Stat. 99
- Grade
- Primary record
- Document
- https://www.govinfo.gov/content/pkg/PLAW-108publ199/html/PLAW-108publ199.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
In 2026 the FCC acted on the limit twice under the Trump administration, first by Media Bureau order and then by Commission vote. Both actions concern the cap that Congress last set in 2004.
On 19 March 2026 the FCC's Media Bureau granted Nexstar's acquisition of TEGNA and waived the National Television Ownership Rule; the order states that Nexstar would reach 54.5 percent of the national audience after the UHF discount, with six stations divested, and lists among its reasons that the combination will preserve Nexstar's ability to preempt network programming in favor of programming that better serves the local community. On 6 August 2026 the Commission adopted a Report and Order repealing the national television multiple ownership rule and replacing it with case-by-case review, over a dissent by Commissioner Gomez.
The waiver order is a Bureau-level order, granted by the Chief of the Media Bureau without a Commission vote. It states that Nexstar would reach 54.5 percent of the national audience after the 50 percent UHF discount. Nexstar committed to divest six stations. Paragraph 45 of the order (FCC DA 26-267) says the combination "will help preserve Nexstar's ability to influence network programming through collective negotiation and to preempt network programming in favor of programming that better serves the local community."
Evidence: Exhibit 948, Exhibit 950
Mechanism: The middleman
Exhibit 948 · Agency order
Memorandum Opinion and Order, Applications for Consent to the Transfer of Control of TEGNA Inc. to Nexstar Media Inc., DA 26-267, MB Docket No. 25-331
we grant the Applicants’ request for a waiver of the Commission’s National Television Ownership Rule
Bureau-level order granting the transfer and waiving the National Television Ownership Rule. Para. 9: after the transaction Nexstar would reach 54.5% of the national audience after the 50% UHF discount. Para. 3: the full Commission previously determined the agency can modify the 39% rule and the Bureau waives it for this transaction. Para. 44: Nexstar commits to maintain an increase in local programming hours for two years, and the grant is subject to its commitments; the Bureau declined to adopt the conditions proposed in the record. Para. 45: the combination will help preserve Nexstar's ability to influence network programming through collective negotiation and to preempt network programming in favor of programming that better serves the local community. Para. 81: the Bureau quotes the Digital First Project's statement that the record contains no evidence of reduced local news output, eliminated editorial judgment or diminished viewpoint diversity, and agrees. Nexstar commits to divest six stations. Granted by the Chief, Media Bureau, without a Commission vote.
- Source
- Federal Communications Commission, Media Bureau
- Date
- 19 March 2026
- Quoted from
- Para. 3
- Grade
- Primary record
- Document
- https://docs.fcc.gov/public/attachments/DA-26-267A1.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Para. 45 states: 'the combination provided by the Transaction will help preserve Nexstar’s ability to influence network programming through collective negotiation and to preempt network programming in favor of programming that better serves the local community.' Para. 81 is the Digital First Project's statement, quoted by the Bureau, which the Bureau agrees with; Nexstar's commitment (paras. 44, 7) concerns local programming hours, not news hours.
The Bureau's stated grounds are competition, localism, viewpoint diversity and the bargaining position of local stations against the national networks. Nexstar committed to maintain an increase in local programming hours for two years, and the grant is subject to its commitments (paragraphs 44 and 7). The Bureau declined to adopt the conditions proposed in the record. In paragraph 81 it quoted the Digital First Project's statement that the record contains no evidence the transaction will reduce local news output, eliminate independent editorial judgment or diminish viewpoint diversity, and it agreed with that statement. DISH/EchoStar, state cable petitioners, DIRECTV and Newsmax objected to the transaction.
The Commission's repeal order, adopted 6 August 2026 and released 1 October 2026, states that the Commission retains authority to change the cap despite the 2004 statute. Commissioner Gomez dissented on the ground that Congress set the cap and only Congress can change it. Both positions are legal arguments about the statute. The order gives case-by-case review as the replacement and amends 47 CFR 73.3555 by removing paragraph (e).
Exhibit 950 · Agency order
Report and Order, Amendment of Section 73.3555(e), National Television Multiple Ownership Rule, FCC 26-53, MB Docket No. 17-318 (with Gomez dissent)
Given this finding, we repeal the Commission’s national television multiple ownership rule.
The Commission repeals the national television multiple ownership rule and replaces it with case-by-case review of transactions. Appendix A amends 47 CFR 73.3555 by removing and reserving paragraph (e). The order states the Commission retains authority to change the national cap despite the 2004 statute. Chairman Carr and Commissioner Trusty issued separate statements; Commissioner Gomez dissented, writing that Congress set the cap and only Congress can change it (FCC-26-53A3).
- Source
- Federal Communications Commission
- Date
- 6 August 2026 (adopted); 1 October 2026 (released)
- Quoted from
- Para. 7
- Grade
- Primary record
- Document
- https://docs.fcc.gov/public/attachments/FCC-26-53A1.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
On 17 April 2026 a federal district court in the Eastern District of California preliminarily enjoined Nexstar from integrating TEGNA. DIRECTV and eight states brought the suits under section 7 of the Clayton Act. The court found the plaintiffs likely to succeed on that claim and rests its order on antitrust grounds only. An appeal is reported at the Ninth Circuit (No. 26-2490).
Exhibit 953 · Court order
Order, In re Nexstar-TEGNA Merger Litigation, No. 2:26-cv-00976-TLN-CKD (E.D. Cal.), Dkt. 172
Nexstar must not influence the management of the held-separate TEGNA business unit.
Preliminary injunction in DIRECTV’s and eight states’ Clayton Act section 7 suits. The court finds plaintiffs likely to succeed on the section 7 claim and requires Nexstar to hold TEGNA separate, to firewall retransmission-fee information and not to influence TEGNA’s management, including newsroom personnel and programming, pending final judgment. 52 pages. The copy is hosted by the Illinois Attorney General, a plaintiff.
- Source
- U.S. District Court, Eastern District of California
- Date
- 17 April 2026
- Quoted from
- Order p. 48, remedial para. 4
- Grade
- Primary record
- Document
- https://illinoisattorneygeneral.gov/News-Room/Current-News/Dkt%20172%20Order%20granting%20PI%20Nexstar.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Copy hosted by a plaintiff state; replace with the CourtListener or PACER docket copy before publication. Appeal reported at the Ninth Circuit (No. 26-2490); status not checked.
1.2 Who holds the shares
Each proxy statement lists holders of more than 5 percent of a class of voting stock. Most cite the Schedule 13G that the holder filed.
Proxy statements filed from January to September 2026 list at least one of Vanguard, BlackRock and State Street as holding more than 5 percent of the common stock of each of 17 companies: eight media, five pharmaceutical and four defense. The listed stakes run from 5.1 to 14.9 percent, and 14 of the 17 proxies cite at least one Schedule 13G filed between January and April 2024, so the percentages describe holdings on dates from 31 December 2023 to 30 June 2026.
The same three managers appear in the tables of the media, pharmaceutical and defense companies. The proxy for Lockheed Martin states that "The number and percentage of shares held by State Street may have changed since the filing of the Schedule 13G/A." The Merck proxy states that the BlackRock Amendment No. 14, filed 26 January 2024, is the most recent Schedule 13G filed for the company.
Evidence: Exhibit 958, Exhibit 959, Exhibit 960, Exhibit 964, Exhibit 961, Exhibit 962, Exhibit 963, Exhibit 975, Exhibit 966, Exhibit 967, Exhibit 968, Exhibit 969, Exhibit 970, Exhibit 971, Exhibit 972, Exhibit 973, Exhibit 974
| Company (proxy filed) | Vanguard | BlackRock | State Street |
|---|---|---|---|
| Comcast Class A (24 Apr 2026) | 10.0%; filed 5 Jun 2025, as of 30 May 2025 | 7.4%; filed 13 Feb 2024, as of 31 Dec 2023 | 5.1%; filed 9 Feb 2026, as of 31 Dec 2025 |
| Disney (22 Jan 2026) | 8.5%; date not stated | 6.9%; date not stated | not listed |
| Warner Bros. Discovery (30 Apr 2026) | shown as "—"; 13G Amendment 16 of 31 Oct 2025 gave 11.2% | 6.2%; 13G Amendment 1, 29 Jan 2024 | 5.2%; filed 9 Feb 2026 |
| Fox Class A / Class B (17 Sep 2026) | not listed | 8.44% / 5.19%; filed 17 Apr 2025, as of 31 Mar 2025 | 8.68% / 6.36%; Class A filed 7 Aug 2026, as of 30 Jun 2026; Class B filed 10 Nov 2025, as of 30 Sep 2025 |
| Nexstar (30 Apr 2026) | 11.0%; filed 10 Apr 2024, as of 28 Mar 2024 | 10.5%; filed 3 Apr 2025, as of 31 Mar 2025 | not listed |
| New York Times Class A (13 Mar 2026) | 9.8%; filed 13 Feb 2024, as of 29 Dec 2023 | 8.8%; filed 25 Jan 2024, as of 31 Dec 2023 | not listed |
| USA TODAY Co. (17 Apr 2026) | 5.8%; filed 13 Feb 2024 | 7.3%; filed 26 Jan 2024 | not listed |
| iHeartMedia Class A (17 Apr 2026) | not listed | 6.4%; filed 26 Jan 2024, as of 31 Dec 2023 | not listed |
| Pfizer (12 Mar 2026) | 8.97%; filed 13 Feb 2024 | 7.70%; filed 26 Jan 2024 | 5.10%; filed 29 Jan 2024 |
| Merck (8 Apr 2026) | not listed | 8.17%; filed 26 Jan 2024, as of 31 Dec 2023 | not listed |
| Johnson & Johnson (11 Mar 2026) | 10.1%; filed 5 Feb 2026 | 7.7%; filed 26 Jan 2024 | 5.5%; filed 30 Jan 2024 |
| AbbVie (23 Mar 2026) | 10.02%; filed 7 Jul 2025, as of 30 Jun 2025 | 8.09%; filed 25 Jan 2024, as of 31 Dec 2023 | not listed |
| Eli Lilly (20 Mar 2026) | 8.6%; filed 30 Oct 2025, as of 30 Sep 2025 | 6.8%; filed 29 Jan 2024, as of 31 Dec 2023 | not listed |
| Lockheed Martin (26 Mar 2026) | 8.9%; filed 13 Feb 2024 | 7.4%; filed 26 Jan 2024 | 14.9%; filed 30 Jan 2024, as of 31 Dec 2023 |
| RTX (9 Mar 2026) | 9.3%; Form 13F as of 31 Dec 2025 | 7.8%; Form 13F as of 31 Dec 2025 | 6.8%; Form 13F as of 31 Dec 2025 |
| Northrop Grumman (3 Apr 2026) | 9.3%; filed 30 Apr 2025, as of 31 Mar 2025 | 7.5%; as of 30 Sep 2024 | 9.8%; filed 30 Jan 2024, as of 31 Dec 2023 |
| General Dynamics (27 Mar 2026) | 8.9%; filed 30 Oct 2025, as of 30 Sep 2025 | 5.4%; filed 31 Jan 2024, as of 31 Dec 2023 | not listed |
| News Corporation (23 Sep 2026) | not listed in the text searched | not listed in the text searched | not listed in the text searched |
Most of these percentages are therefore older than the proxies that print them. The Comcast proxy states the BlackRock figure "is based upon a Schedule 13G/A filing with the SEC on February 13, 2024 made by BlackRock, Inc. setting forth information as of December 31, 2023." The New York Times proxy gives its Vanguard figure as of 29 December 2023. Vanguard's filings changed form on 12 January 2026 after an internal realignment, according to the Warner Bros. Discovery and USA TODAY proxies, so later Vanguard figures may be split among units.
Exhibit 958 · Company filing
Comcast Corporation definitive proxy statement (DEF 14A), security ownership table
This information is based upon a Schedule 13G/A filing with the SEC on February 13, 2024 made by BlackRock, Inc. setting forth information as of December 31, 2023.
Class A holders above 5%: The Vanguard Group 373,581,278 (10.0%, 13G/A filed 5 June 2025 as of 30 May 2025); BlackRock 298,215,422 (7.4%, 13G/A filed 13 Feb 2024 as of 31 Dec 2023); State Street 186,826,370 (5.1%, 13G filed 9 Feb 2026 as of 31 Dec 2025). Brian L. Roberts holds all 9,444,375 Class B shares and had sole voting power over 33 1/3% of the combined voting power.
- Source
- Comcast Corporation
- Date
- 24 April 2026
- Quoted from
- Security ownership table, note (2)
- Grade
- Primary record
- Document
- https://www.sec.gov/Archives/edgar/data/1166691/000119312526177138/cmcsa-20260424.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
Exhibit 962 · Company filing
The New York Times Company definitive proxy statement (DEF 14A), security ownership table
According to information contained in its most recent Schedule 13G/A, filed with the SEC pursuant to the Exchange Act on February 13, 2024, as of December 29, 2023, The Vanguard Group beneficially owned 15,809,453 shares of Class A stock.
Class A holders above 5%: Vanguard 15,809,453 (9.8%; 13G/A filed 13 Feb 2024 as of 29 Dec 2023); BlackRock 14,111,319 (8.8%; 13G/A filed 25 Jan 2024 as of 31 Dec 2023); T. Rowe Price Investment Management 10,247,094 (6.4%).
- Source
- The New York Times Company
- Date
- 13 March 2026
- Quoted from
- Beneficial ownership table, note 11
- Grade
- Primary record
- Document
- https://www.sec.gov/Archives/edgar/data/71691/000007169126000016/nyt-20260313.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
Form 13F filings for 31 December 2025 show Vanguard, BlackRock and State Street each holding shares of all 20 share classes checked, those of the 17 companies above and of News Corporation. Comcast Class A, for example, appears at 369.3 million, 315.8 million and 186.8 million shares, and Pfizer at 541.3 million, 493.1 million and 300.4 million.
Vanguard filed on 29 January 2026, BlackRock on 12 February and State Street on 13 February. The 20 share classes are those of the 17 companies and News Corporation, with Fox and News Corporation each counted in two classes.
Evidence: Exhibit 976, Exhibit 977, Exhibit 978
The Disney proxy gives voting authority for two of the managers. Vanguard reported sole voting power over no shares and shared voting power over 2,277,675 of 151,434,588 shares. BlackRock reported sole voting power over 109,797,441 of 122,883,021 shares. Vanguard's 13F reports most shares in the "None" voting column, and BlackRock's reports most as "Sole." A Form 13F lists what a manager held on the last day of a quarter, and it gives no ownership percentage and no record of votes cast.
Three of the media companies vote through family-held classes. Fox's Class A stock is non-voting, and LGC Holdco, LLC holds 38.76 percent of voting Class B as of 14 September 2026. Brian L. Roberts holds all 9,444,375 Comcast Class B shares and 33 1/3 percent of the combined voting power. The Murdoch Family Trust held about 40.7 percent of News Corporation Class B before trusts for certain beneficiaries sold 14,071,293 Class B shares in September 2025.
Exhibit 964 · Company filing
Fox Corporation definitive proxy statement (DEF 14A), security ownership table
As of 14 Sep 2026 Fox has non-voting Class A and voting Class B common stock. LGC Holdco, LLC holds 85,372,810 Class B shares (38.76% of Class B); State Street holds 17,474,836 Class A (8.68%) and 14,007,987 Class B (6.36%) (13G filed 7 Aug 2026 as of 30 Jun 2026 for Class A; 10 Nov 2025 as of 30 Sep 2025 for Class B); BlackRock holds 16,990,417 Class A (8.44%) and 11,421,333 Class B (5.19%) (13G/A filed 17 Apr 2025 as of 31 Mar 2025). The proxy lists no Vanguard holding above 5%. Lachlan K. Murdoch may be deemed a beneficial owner of LGC Holdco’s shares and disclaims beneficial ownership of them.
- Source
- Fox Corporation
- Date
- 17 September 2026
- Grade
- Primary record
- Document
- https://www.sec.gov/Archives/edgar/data/1754301/000162828026062480/fox-20260917.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
Exhibit 965 · Company filing
News Corporation definitive proxy statement (DEF 14A), security ownership table
Does not list Vanguard, BlackRock or State Street in text searched. States that the Murdoch Family Trust held approximately 40.7% of outstanding Class B common stock before a September 2025 sale by trusts for certain beneficiaries of 14,071,293 Class B shares (about $450 million gross proceeds). Ownership table not extracted in full.
- Source
- News Corporation
- Date
- 23 September 2026
- Grade
- Primary record
- Document
- https://www.sec.gov/Archives/edgar/data/1564708/000110465926109969/tm2624691-1_def14a.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
1.3 Where the revenue comes from
A broadcaster or publisher takes revenue from advertisers, from distributors who pay to carry its channels, and from subscribers. The annual reports separate the three, though the periods and the segments differ by company.
In the latest annual reports reviewed, advertising supplied 20.0 percent of New York Times revenue (2025), 43.0 percent of Nexstar revenue (2025) and 58.5 percent of Fox's Television segment revenue (fiscal 2026). Distribution or affiliate fees exceeded advertising at Nexstar (55.3 percent against 43.0), Warner Bros. Discovery (51.6 percent against 19.6) and Disney's Linear Networks segment (67.8 percent against 30.5).
Nexstar's distribution revenue is mainly retransmission, carriage and affiliation fees and spectrum leasing. Its advertising revenue includes political advertising in even-numbered years, and 2025 was an odd year. Fox attributes its fiscal 2026 advertising increase to the FIFA World Cup and to additional NFL and MLB postseason games.
Evidence: Exhibit 981, Exhibit 979, Exhibit 980, Exhibit 983, Exhibit 982
Mechanism: Channels paid by the parties they cover
| Filer and scope | Period | Advertising | Distribution or affiliate fees | Other |
|---|---|---|---|---|
| New York Times Company, consolidated | 2025 | 566.0 (20.0%) | subscription 1,950.8 (69.1%) | 308.1 (10.9%) |
| Nexstar, consolidated | 2025 | 2,121 (43.0%) | 2,727 (55.3%) | 85 (1.7%) |
| Fox, Television segment | fiscal 2026 | 5,652 (58.5%) | 3,346 (34.6%) | 668 (6.9%) |
| Warner Bros. Discovery, consolidated | 2025 | 7,306 (19.6%) | 19,262 (51.6%) | content 9,647 and other 1,081 (28.8%) |
| Disney, Linear Networks segment | fiscal 2025 | 2,856 (30.5%) | 6,348 (67.8%) | 160 (1.7%) |
Advertising was falling at two of the filers. Warner Bros. Discovery's advertising revenue fell 10 percent from $8,090 million in 2024. Disney's Linear Networks advertising fell 22 percent from $3,676 million in fiscal 2024. The reports reviewed do not give the share of advertising that comes from any one industry.
Exhibit 979 · Company filing
Nexstar Media Group, Inc. annual report (Form 10-K), revenue by source
Consolidated net revenue for 2025 ($ millions): distribution 2,727; advertising 2,121; other 85; total 4,933. Distribution is primarily retransmission, carriage and affiliation fees and spectrum leasing; advertising includes political advertising in even-numbered years.
- Source
- Nexstar Media Group, Inc.
- Date
- 27 February 2026
- Grade
- Primary record
- Document
- https://www.sec.gov/Archives/edgar/data/1142417/000119312526078361/nxst-20251231.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
Exhibit 983 · Company filing
Warner Bros. Discovery, Inc. annual report (Form 10-K), revenue by source
Consolidated revenues for 2025 ($ millions): distribution 19,262; advertising 7,306; content 9,647; other 1,081; total 37,296. Advertising fell 10% from 8,090 in 2024.
- Source
- Warner Bros. Discovery, Inc.
- Date
- 27 February 2026
- Grade
- Primary record
- Document
- https://www.sec.gov/Archives/edgar/data/1437107/000143710726000020/wbd-20251231.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
A court opinion records how one network described this structure. In US Dominion, Inc. v. Fox News Network, LLC, a Delaware court granted Dominion summary judgment on falsity on 31 March 2023 and left actual malice for a jury. The opinion summarizes Dominion's argument that Fox published the statements in response to viewer backlash and declining ratings and profits (p. 34). It also records Fox News Network's argument, from deposition testimony, that revenue from television providers makes up the majority of its revenue and is not affected by viewership (p. 62). The court did not decide intent.
Exhibit 957 · Court opinion
Memorandum Opinion and Order on summary judgment, US Dominion, Inc. v. Fox News Network, LLC, C.A. Nos. N21C-03-257 EMD and N21C-11-082 EMD
The evidence developed in this civil proceeding demonstrates that is CRYSTAL clear that none of the Statements relating to Dominion about the 2020 election are true.
The court grants Dominion summary judgment on falsity and leaves actual malice for a jury. The opinion summarizes record evidence and each side’s argument. The opinion recounts record evidence of a viewership drop and Newsmax’s rise after Fox’s 7 November 2020 projection (p. 14). It summarizes Dominion’s argument that Fox published the statements in response to viewer backlash and declining ratings and profits (p. 34) and its financial-motive argument (p. 56). Fox News Network argued that ratings did not drive revenue, citing deposition testimony that revenue from TV providers makes up the majority of revenue and is not affected by viewership (p. 62 and n. 457). The opinion states positions and cites record evidence; the court did not decide intent.
- Source
- Superior Court of the State of Delaware (Judge Eric M. Davis)
- Date
- 31 March 2023
- Quoted from
- Slip op. p. 43
- Grade
- Primary record
- Document
- https://courts.delaware.gov/Opinions/Download.aspx?id=345820
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Page numbers are the opinion’s own pagination as read in the PDF. Settlement (reported 18 April 2023) not checked.
1.4 Drug advertising and FDA
FDA announced a draft guidance on consumer-directed broadcast advertisements on 12 August 1997. The Federal Register noticed the final guidance on 9 August 1999. In 2008 the chairman of a House oversight subcommittee opened a hearing on the subject with the words: "Nearly ten years ago, the U.S. Food and Drug Administration (FDA) relaxed its rules related to direct-to-consumer (DTC) advertisements for prescription pharmaceutical products."
Exhibit 991 · Congressional testimony
Opening statement of Hon. Bart Stupak, “Direct-to-Consumer Advertising: Marketing, Education, or Deception?” (Subcommittee on Oversight and Investigations, House Committee on Energy and Commerce)
Nearly ten years ago, the U.S. Food and Drug Administration (FDA) relaxed its rules related to direct-to-consumer (DTC) advertisements for prescription pharmaceutical products.
Chairman’s statement opening the hearing on three TV ad campaigns (Lipitor with Robert Jarvik, Vytorin “Food and Family,” Procrit). Gives the chairman’s figures for DTC spending ($1.1 billion in 1997, $4.2 billion in 2005) and states that Merck and Schering-Plough’s Vytorin ads resulted in $5 billion in sales in 2007. A member’s statement, not a finding.
- Source
- U.S. House of Representatives
- Date
- 8 May 2008
- Quoted from
- Statement, p. 1
- Grade
- Primary record
- Document
- https://webarchive.library.unt.edu/eot2008/20090102234502if_/http://energycommerce.house.gov/Subcommittees/OI-Stupak/050808.OI.hrg.DTC.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Archived copy of the committee’s 2008 page (UNT End of Term web archive). Hearing transcript or GPO hearing record not located.
A 2019 JAMA study reports that direct-to-consumer prescription-drug advertising grew from $1.3 billion (79,000 ads) in 1997 to $6 billion (4.6 million ads, 663,000 of them TV commercials) in 2016, in 2016 dollars, and that FDA violation letters for misleading drug marketing fell from 156 to 11.
The authors take the spending and advertisement counts from Kantar data, in 2016 dollars. The paper covers 1997 through 2016 and appeared in JAMA 2019;321(1):80.
Evidence: Exhibit 992
Exhibit 992 · Peer-reviewed study
Medical Marketing in the United States, 1997-2016
DTC prescription drug advertising increased from $1.3 billion (79 000 ads) to $6 billion (4.6 million ads [including 663 000 TV commercials])
Special communication using Kantar Media advertising data and IQVIA data, 2016 dollars. DTC prescription-drug advertising rose from $1.3 billion (79,000 ads) in 1997 to $6 billion (4.6 million ads including 663,000 TV commercials) in 2016; DTC advertising of all kinds from $2.1 billion to $9.6 billion. FDA violation letters for misleading drug marketing fell from 156 to 11. The read copy is a university-hosted PDF.
- Source
- Schwartz LM, Woloshin S, JAMA 321(1):80-96 (Dartmouth Institute)
- Date
- January 2019
- Quoted from
- Abstract, Findings, JAMA 2019;321(1):80
- Grade
- Peer-reviewed
- Document
- https://doi.org/10.1001/jama.2018.19320
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Read copy: https://csts.ua.edu/files/2025/06/jama_schwartz_2019_sc_180007.pdf. Confirm figures against the journal copy.
GAO reported in November 2006 that direct-to-consumer spending was $4.2 billion in 2005, that FDA reviews a small portion of such materials, and that regulatory letters took an average of 4 months to issue in 2002-2005 against 2 weeks in 1997-2001. By the time the 19 letters of 2004-2005 were issued, companies had stopped using more than half of the cited materials.
GAO wrote that spending on direct-to-consumer advertising "increased twice as fast from 1997 through 2005 as spending on promotion to physicians or on research and development." In 2005 the spending was $4.2 billion, against $7.2 billion for promotion to physicians and $31.4 billion for research and development. GAO found that FDA reviews a small portion of the materials and has no documented criteria for choosing them. HHS disagreed with GAO's recommendations.
Evidence: Exhibit 986
Exhibit 986 · GAO report
Prescription Drugs: Improvements Needed in FDA’s Oversight of Direct-to-Consumer Advertising, GAO-07-54
Drug company spending on DTC advertising—such as that on television and in magazines—of prescription drugs increased twice as fast from 1997 through 2005 as spending on promotion to physicians or on research and development.
Reports DTC spending of $4.2 billion in 2005, against $7.2 billion on promotion to physicians and $31.4 billion on R&D; that FDA reviews a small portion of DTC materials without documented criteria; that regulatory letters took an average of 4 months to issue from 2002 to 2005 against 2 weeks from 1997 to 2001; and that the 19 letters of 2004-2005 were issued an average of 8 months after first dissemination, by which time more than half of the materials had been discontinued. HHS disagreed with the recommendations.
- Source
- U.S. Government Accountability Office
- Date
- November 2006
- Quoted from
- Highlights, What GAO Found
- Grade
- Primary record
- Document
- https://www.gao.gov/assets/gao-07-54.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Exhibit id uses the report number GAO-07-54.
The 1999 guidance describes four ways a broadcast advertisement can give viewers access to the approved labeling: a toll-free number, a referenced print advertisement, a web address and a statement that health professionals can supply information. The guidance says it states FDA's current thinking and does not bind FDA or the public.
FDA issued final guidance on consumer-directed broadcast advertisements in August 1999, after announcing a draft on 12 August 1997. The Food and Drug Administration Amendments Act of 27 September 2007 required FDA to set standards for a clear, conspicuous and neutral major statement in television and radio drug advertisements within 30 months; FDA proposed a rule on 29 March 2010 and published the final rule on 21 November 2023, with compliance required from 20 November 2024.
The 2007 Act also set civil penalties for false or misleading drug advertisements. The final rule appeared in the Federal Register more than 16 years after the Act and took effect on 20 May 2024. The Act was approved under the Bush administration, FDA proposed the rule under the Obama administration, and FDA published it under the Biden administration.
Evidence: Exhibit 984, Exhibit 985, Exhibit 987, Exhibit 988
Exhibit 987 · Statute
Food and Drug Administration Amendments Act of 2007, Pub. L. 110-85, Title IX, sec. 901(d)(3) and (4) (clear, conspicuous and neutral major statement; civil penalties for false or misleading DTC advertisements)
the major statement relating to side effects and contraindications shall be presented in a clear, conspicuous, and neutral manner.
Amends FDCA 502(n) to require that the major statement of side effects and contraindications in TV and radio drug ads be “presented in a clear, conspicuous, and neutral manner”; directs HHS to establish standards by regulation not later than 30 months after enactment; adds civil penalties up to $250,000 for a first false or misleading DTC advertisement in 3 years and $500,000 for each later one; adds a voluntary advisory-review fee program for TV ads (sec. 104).
- Source
- United States Congress
- Date
- 27 September 2007
- Quoted from
- Sec. 901(d)(3)(A), amending FDCA 502(n)
- Grade
- Primary record
- Document
- https://www.govinfo.gov/content/pkg/PLAW-110publ85/html/PLAW-110publ85.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
Exhibit 988 · Regulation
Direct-to-Consumer Prescription Drug Advertisements: Presentation of the Major Statement in a Clear, Conspicuous, and Neutral Manner in Advertisements in Television and Radio Format, final rule, 88 Fed. Reg. 80958
This rule is effective May 20, 2024. The compliance date of this rule is November 20, 2024.
Final rule implementing section 901(d)(3) of FDAAA. History section cites the proposed rule of 29 March 2010 (75 FR 15376). Effective 20 May 2024; compliance date 20 November 2024.
- Source
- U.S. Food and Drug Administration
- Date
- 21 November 2023
- Quoted from
- DATES
- Grade
- Primary record
- Document
- https://www.federalregister.gov/documents/2023/11/21/2023-25428/direct-to-consumer-prescription-drug-advertisements-presentation-of-the-major-statement-in-a-clear
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
The September 2025 memorandum states: "Over time, however, the FDA's requirements have permitted drug companies to include less information, particularly in broadcast advertising, and drug manufacturer advertising has skyrocketed in recent decades." FDA's release of 9 September 2025 states: "Today, the FDA is sending thousands of letters warning pharmaceutical companies to remove misleading ads and issuing approximately 100 cease-and-desist letters to companies with deceptive ads."
On 9 September 2025 the President directed HHS and FDA to act on direct-to-consumer drug advertising, and FDA announced thousands of warning letters, about 100 cease-and-desist letters and rulemaking to remove the "adequate provision" option. FDA's announcement states that warning letters to pharmaceutical companies fell to one in 2023 and zero in 2024.
FDA's release states that the agency once sent more than a hundred warning letters a year. FDA says it created the "adequate provision" option in 1997 and is now removing it by rulemaking.
Evidence: Exhibit 990, Exhibit 989
Exhibit 990 · Presidential memorandum
Memorandum on Addressing Misleading Direct-to-Consumer Prescription Drug Advertisements
Over time, however, the FDA's requirements have permitted drug companies to include less information, particularly in broadcast advertising, and drug manufacturer advertising has skyrocketed in recent decades.
Directs the HHS Secretary to act to increase risk information required in DTC advertisements to the extent permitted by law and the FDA Commissioner to enforce the advertising provisions of the FDCA. The Daily Compilation notes an original was not available for verification.
- Source
- The White House (President Donald J. Trump)
- Date
- 9 September 2025
- Quoted from
- Para. 2
- Grade
- Primary record
- Document
- https://www.govinfo.gov/content/pkg/DCPD-202500906/html/DCPD-202500906.htm
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
Exhibit 989 · Agency press release
FDA Launches Crackdown on Deceptive Drug Advertising (press release)
Today, the FDA is sending thousands of letters warning pharmaceutical companies to remove misleading ads and issuing approximately 100 cease-and-desist letters to companies with deceptive ads.
Announces thousands of letters to pharmaceutical companies, about 100 cease-and-desist letters, and rulemaking to remove the “adequate provision” option created in 1997. States that FDA once sent more than a hundred warning letters a year and that those to pharmaceutical companies fell to one in 2023 and zero in 2024. Quotes the Commissioner: drug companies spend up to 25% of their budget on advertising. Letter counts are FDA’s own and were not independently checked.
- Source
- U.S. Food and Drug Administration
- Date
- 9 September 2025
- Quoted from
- Para. 1
- Grade
- Primary record
- Document
- https://www.fda.gov/news-events/press-announcements/fda-launches-crackdown-deceptive-drug-advertising
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
The drug-advertising record spans five administrations: Clinton (the 1997 draft and 1999 guidance), Bush (the 2007 Act), Obama (the 2010 proposed rule), Biden (the 2023 final rule) and Trump (the 2025 memorandum and letters).
1.5 Research on advertiser dependence
Three studies match an advertiser's spending to coverage of that advertiser. They cover newspapers and magazines, not broadcast stations.
A study matching Kantar advertising by auto manufacturers to newspaper coverage of car safety recalls from 2000 to 2014 finds that newspapers cover recalls by their advertisers less, especially severe recalls. A one standard deviation increase in a large advertiser's spending over the prior two years reduces recall coverage by 24 percent for the average newspaper.
The authors matched Kantar Media advertising spending by auto manufacturers in U.S. newspapers to coverage of recalls. The abstract of the October 2017 NBER working paper states: "Consistent with theoretical predictions, we find that newspapers provide less coverage of recalls by their advertisers, especially the more severe ones." The authors also find that competition for readers reduces the effect.
Evidence: Exhibit 994
Mechanism: Channels paid by the parties they cover
Exhibit 994 · Research paper (not peer reviewed)
Advertising Spending and Media Bias: Evidence from News Coverage of Car Safety Recalls, NBER Working Paper 23940
Consistent with theoretical predictions, we find that newspapers provide less coverage of recalls by their advertisers, especially the more severe ones.
Matches Kantar Media advertising spending by auto manufacturers in US newspapers to newspaper coverage of car safety recalls, 2000-2014. Reports less coverage of recalls by advertisers, especially severe ones; a one standard deviation increase in prior-two-year ad spending from a large advertiser reduces recall coverage at the intensive margin by 24% for the average newspaper. Published in Management Science 67(2):698-719 (2021), DOI 10.1287/mnsc.2019.3567 (bibliographic record only; article not opened).
- Source
- Beattie G, Durante R, Knight B, Sen A, National Bureau of Economic Research
- Date
- October 2017
- Quoted from
- Abstract
- Grade
- Primary record
- Document
- https://www.nber.org/papers/w23940.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Working paper read; replace with the published Management Science text.
A study of mutual fund recommendations in five publications from 1997 to 2002 finds recommendations correlated with past advertising in three personal finance magazines and not in the New York Times or the Wall Street Journal.
The abstract states: "We find that mutual fund recommendations are correlated with past advertising in three personal finance publications but not in two national newspapers." The two national newspapers are the New York Times and the Wall Street Journal. The authors quote a 1996 Kiplinger's article in which personal finance editors said advertisers have no influence, and they estimate a small cost to readers where bias exists. The study appeared in the Quarterly Journal of Economics 121(1):197-227 (2006).
Evidence: Exhibit 995
Mechanism: Channels paid by the parties they cover
Exhibit 995 · Peer-reviewed study
Do Ads Influence Editors? Advertising and Bias in the Financial Media, Quarterly Journal of Economics 121(1):197-227
We find that mutual fund recommendations are correlated with past advertising in three personal finance publications but not in two national newspapers.
Studies mutual fund recommendations in five publications, 1997-2002, controlling for fund characteristics, total family advertising and past mentions. Finds correlation between past advertising and recommendations in three personal finance publications and none in the two national newspapers (the New York Times and the Wall Street Journal); finds the cost to readers small.
- Source
- Reuter J, Zitzewitz E
- Date
- 2006 (read: August 2005 draft)
- Quoted from
- Abstract, Aug. 2005 draft
- Grade
- Peer-reviewed
- Document
- https://www.jonreuter.com/research/ads.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Quote checked against the author’s August 2005 draft, labeled forthcoming in QJE; check wording and page against the published article.
A manuscript matching Kantar newspaper advertising by drug manufacturers to 81,656 newspaper articles on drugs from 1999 to 2012 reports that a newspaper receiving an additional $100,000 from a drug's maker in the prior 14 days was 9 to 20 percent less likely to mention that drug's side effects and 23 to 33 percent less likely to report an FDA safety alert about it. The manuscript's publication venue and peer-review status are unverified.
The manuscript uses drug-month and newspaper fixed effects, with a word-list measure of article tone and a text classifier for side-effect mentions. The baseline rate of mentioning side effects is 10 percent, and the baseline rate of covering an FDA safety alert is 62 percent. Articles were also less negative in tone. The abstract states: "Newspapers are less likely to mention side effects of drugs produced by their advertising clients or to report on US Food and Drug Administration alerts regarding these drugs." It is a manuscript, and its publication venue and peer-review status are unverified.
Evidence: Exhibit 993
Mechanism: Channels paid by the parties they cover
Exhibit 993 · Research paper (not peer reviewed)
Pharmaceutical advertising biases media reports on drug safety (manuscript)
Newspapers are less likely to mention side effects of drugs produced by their advertising clients or to report on US Food and Drug Administration alerts regarding these drugs.
Combines Kantar Stradegy daily newspaper advertising by each drug’s manufacturer with 81,656 LexisNexis newspaper articles on drugs, 1999-2012, with drug-month and newspaper fixed effects. Reports that a newspaper receiving an additional $100,000 in advertising from a drug’s maker in the prior 14 days was 9% to 20% less likely to mention that drug’s side effects (baseline 10%), and 23% to 33% less likely to cover an FDA safety alert (baseline 62%); articles were less negative in tone. Journal of publication not found.
- Source
- Focke F, Niessen-Ruenzi A, Ruenzi S, University of Mannheim
- Date
- undated (file name DTCA-2019)
- Quoted from
- Abstract, p. 2
- Grade
- Primary record
- Document
- https://www.bwl.uni-mannheim.de/media/Lehrstuehle/bwl/Ruenzi/Forschung/Papers/DTCA-2019.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Manuscript as hosted by the authors’ department; publication venue and peer-review status unverified. Replace with the published article if one exists.
The three designs cover different industries and media. The car-recall and drug-safety studies measure newspapers only. The fund study covers three magazines and two national newspapers.
A fourth study measures sources, not advertisers. Pew's study of Baltimore news covered 53 outlets for one week in July 2009 and six storylines. It found that eight in ten stories repeated or repackaged earlier information and that 95 percent of stories with new information came from traditional media. In the six storylines, government officials initiated 63 percent of the stories, led first by the police, and the press initiated 14 percent. The report states: "Government, at least in this study, initiates most of the news." It states its limits as one city, one week and six storylines.
Exhibit 996 · Research report (not peer reviewed)
How News Happens: A Study of the News Ecosystem of One American City
Government, at least in this study, initiates most of the news.
Study of the 53 outlets producing local news in Baltimore for one week in July 2009 and six major storylines. Finds that eight in ten stories studied repeated or repackaged previously published information, that 95% of stories with new information came from traditional media, and that in the six storylines 63% of stories were initiated by government officials, led first by the police, and 14% by the press.
- Source
- Pew Research Center’s Project for Excellence in Journalism
- Date
- 11 January 2010
- Quoted from
- Findings summary, report p. 4
- Grade
- Primary record
- Document
- https://www.pewresearch.org/wp-content/uploads/sites/20/2010/01/PJBaltimoreStudy2010.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- One city, one week, six storylines; the report states these limits.
GAO has ruled on federal agencies' placement of material in news and social channels. Politics chapter 7 sets out the opinions on retired military analysts (POL-7.7), on video news releases at HHS, ONDCP and Education (POL-7.8) and on the EPA's social-media campaign (POL-7.10). The opinions are dated 2004, 2005, 2009 and 2015.
1.6 Two FCC approvals and a preemption
The Commission's orders of 2011 and 2025 each address editorial matters in approving a media merger. The first was adopted under the Obama administration and the second under the Trump administration. The Paramount and Kimmel episodes both fall in 2025.
The FCC's 2011 order approving Comcast's acquisition of NBCUniversal made a journalistic-independence policy, extended to the influence of each of Comcast-NBCU's owners, a condition of approval. The FCC's 2025 order approving the transfer of Paramount to Skydance recites Skydance's commitments to an ombudsman for CBS for at least two years and to viewpoint diversity, and records that CBS/Skydance released the complete interview transcript that a petitioner had requested.
The 2011 condition reads: "C-NBCU shall continue NBCU's policy of journalistic independence with respect to the news programming organizations of all NBCU networks and stations, and shall extend these policies to the potential influence of each of C-NBCU's owners." The order records the applicants' statement that since 1986 GE had ensured NBC's news content was not influenced by GE's non-media interests, and that GE appointed an ombudsman. The 2025 order was adopted 2 to 1 and leaves the news-distortion proceeding open. It describes Skydance's commitments as voluntary and records Skydance's letter of 22 July 2025.
Evidence: Exhibit 951, Exhibit 952
Mechanism: The middleman
Exhibit 951 · Agency order
Memorandum Opinion and Order, Applications of Comcast Corporation, General Electric Company and NBC Universal, Inc., FCC 11-4, MB Docket No. 10-56 (Appendix A, conditions)
C-NBCU shall continue NBCU’s policy of journalistic independence with respect to the news programming organizations of all NBCU networks and stations, and shall extend these policies to the potential influence of each of C-NBCU’s owners.
Approves the Comcast-NBCUniversal joint venture with conditions. Para. 204 records the applicants’ statement that since 1986 GE had ensured NBC’s news content was not influenced by GE’s non-media interests and that GE appointed an ombudsman. Appendix A, section XII makes journalistic independence a condition and extends it to the influence of each of C-NBCU’s owners.
- Source
- Federal Communications Commission
- Date
- 18 January 2011 (adopted); 20 January 2011 (released)
- Quoted from
- App. A, sec. XII
- Grade
- Primary record
- Document
- https://docs.fcc.gov/public/attachments/FCC-11-4A1.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
Exhibit 952 · Agency order
Memorandum Opinion and Order, Applications for Consent to the Transfer of Control of Paramount Global, FCC 25-43, MB Docket No. 24-275 (with Gomez dissent)
Finally, to promote transparency and increased accountability, Skydance will have in place, for a period of at least two years, an ombudsman who reports to the President of New Paramount, and who will receive and evaluate any complaints of bias or other concerns involving CBS.
Commission order (2-1) granting the transfer to New Paramount. Records that the Center for American Rights asked for release of the complete Harris interview transcript and a viewpoint-diversity commitment and that CBS/Skydance did both (para. 35); records Skydance’s 22 July 2025 letter committing to viewpoint diversity, ending DEI initiatives and an ombudsman (paras. 58-59); leaves the news-distortion proceeding open (para. 35). Commissioner Gomez dissented. The order does not mention the Trump v. CBS settlement.
- Source
- Federal Communications Commission
- Date
- 24 July 2025
- Quoted from
- Para. 59
- Grade
- Primary record
- Document
- https://docs.fcc.gov/public/attachments/FCC-25-43A1.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
The 2025 order's paragraph 59 states: "Finally, to promote transparency and increased accountability, Skydance will have in place, for a period of at least two years, an ombudsman who reports to the President of New Paramount, and who will receive and evaluate any complaints of bias or other concerns involving CBS." The order records that the Center for American Rights asked for the complete transcript of the Harris interview and for a viewpoint-diversity commitment, and that CBS/Skydance did both. Commissioner Gomez dissented.
On 1 July 2025 Paramount announced that it would pay $16 million to settle President Trump's suit over a "60 Minutes" interview, with no apology and a commitment to release transcripts of future interviews with presidential candidates. The FCC approved the Skydance transfer on 24 July 2025, and its order does not mention the settlement.
CBS News, which Paramount owns, reported the settlement. It reports Paramount's statement that a mediator proposed the terms and that the settlement included no apology. CBS News quotes Paramount as agreeing that "60 Minutes" will release transcripts of interviews with presidential candidates in the future, "subject to redactions as required for legal or national security concerns." The FCC order treats the news-distortion proceeding as separate from the transfer and does not mention the settlement.
Evidence: Exhibit 956, Exhibit 952
Mechanism: The middleman
Exhibit 956 · News report
Paramount, President Trump reach $16 million settlement over “60 Minutes” lawsuit
Paramount also agreed that “60 Minutes” will release transcripts of interviews with presidential candidates in the future, “subject to redactions as required for legal or national security concerns,” the statement said.
CBS News, a Paramount unit, reports the company’s announcement that it will pay $16 million (allocated to Mr. Trump’s future presidential library and the plaintiffs’ fees and costs), that the settlement included no apology, and that “60 Minutes” will release transcripts of interviews with presidential candidates. States that FCC approval was necessary for the Skydance merger and had not been given.
- Source
- CBS News
- Date
- 2 July 2025
- Quoted from
- Paragraph beginning “Paramount also agreed”
- Grade
- Reported
- Document
- https://www.cbsnews.com/news/paramount-trump-60-minutes-lawsuit-settlement
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Reported. The outlet reporting is owned by the settling party. Replace with Paramount’s statement of 1 July 2025 and the stipulation of dismissal in the N.D. Tex. docket.
The settlement announcement is dated 1 July 2025 and the FCC order 24 July 2025.
On 17 September 2025 Nexstar announced that its ABC-affiliated stations would preempt "Jimmy Kimmel Live!" for the foreseeable future, and gave its own objection to Mr. Kimmel's comments as its reason. The release does not mention the FCC or any government request; Nexstar's agreement to acquire TEGNA, dated 18 August 2025, was pending before the FCC on that date.
Nexstar's release is headed "Company Objects to Talk Show Host's Comments on Killing of Charlie Kirk" and states that its stations "will preempt" the program "for the foreseeable future beginning with tonight's show." The release gives the reasons in the voice of its broadcasting division president and does not mention the FCC, a government request or the pending TEGNA application. The Media Bureau's order of 19 March 2026 records the plan of merger dated 18 August 2025.
Evidence: Exhibit 954, Exhibit 948
Mechanism: The middleman
Exhibit 954 · Company press release
Company Objects to Talk Show Host’s Comments on Killing of Charlie Kirk (Nexstar press release)
will preempt “Jimmy Kimmel Live!” for the foreseeable future beginning with tonight’s show
Announces that Nexstar’s owned and partner ABC-affiliated stations will preempt “Jimmy Kimmel Live!” beginning that night. The release gives Nexstar’s reasons in the voice of its broadcasting division president. It does not mention the FCC, a government request, or the pending TEGNA application.
- Source
- Nexstar Media Group, Inc.
- Date
- 17 September 2025
- Quoted from
- Para. 1
- Grade
- Primary record
- Document
- https://www.nexstar.tv/nexstar-abc-affiliates-to-preempt-jimmy-kimmel-live-indefinitely-beginning-tonight/
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
Nexstar's release gives its own reasons and names no government request. No cited document records a government instruction to Nexstar or Paramount.
1.7 Open items
The record leaves two questions open: the pharmaceutical share of outlet advertising revenue, and any change in coverage at the Nexstar and TEGNA stations after the March 2026 waiver.
The filings reviewed do not state how much of each outlet's advertising revenue comes from pharmaceutical advertisers, and no document read shows whether coverage by the stations Nexstar and TEGNA operate changed after the March 2026 waiver. The court order requires Nexstar to hold TEGNA separate and not to influence its management, including newsroom personnel and programming, pending final judgment.
The Nexstar, New York Times, Fox, Warner Bros. Discovery and Disney annual reports do not contain the word "pharmaceutical." Kantar Stradegy data or a company disclosure would give the first figure. The court order requires Nexstar to hold TEGNA separate and not to influence its management, including newsroom personnel and programming, pending final judgment.
Evidence: Exhibit 979, Exhibit 981, Exhibit 980, Exhibit 983, Exhibit 982, Exhibit 953
Mechanism: The study not run
Audience reach by owner, from FCC licensing filings, is stated for Nexstar only (54.5 percent). No document gives a market-share denominator for media as a whole.
Key findings
- Congress removed the national radio cap, set a 35 percent television cap in 1996 and raised it to 39 percent in 2004 (1.1).
- The Media Bureau waived the cap for Nexstar on 19 March 2026, and the Commission repealed it on 6 August 2026 over a dissent (1.2).
- Proxy statements list Vanguard, BlackRock or State Street above 5 percent at 17 media, pharmaceutical and defense companies, on dates from 31 December 2023 to 30 June 2026 (1.3).
- Form 13F filings for 31 December 2025 show all three managers holding every share class checked (1.4).
- Distribution fees exceed advertising at Nexstar, Warner Bros. Discovery and Disney's Linear Networks, and advertising is 20.0 percent of New York Times revenue (1.5).
- Direct-to-consumer drug advertising grew from $1.3 billion to $6 billion in 2016 dollars between 1997 and 2016 (1.6).
- GAO found in 2006 that FDA reviews a small portion of drug advertising and that its letters took 4 months to issue (1.7).
- FDA's major-statement rule was published more than 16 years after the 2007 Act required it (1.8).
- On 9 September 2025 the President and FDA announced action on drug advertising, and FDA stated it sent one warning letter to drug companies in 2023 and none in 2024 (1.9).
- A study of car recalls finds less newspaper coverage of recalls by advertisers (1.10).
- A study of fund recommendations finds an advertising correlation at three personal finance magazines and none at the New York Times or the Wall Street Journal (1.11).
- A drug-safety manuscript finds newspapers less likely to mention side effects of an advertiser's drugs (1.12).
- The FCC's 2011 and 2025 merger orders each recite editorial-independence or ombudsman terms (1.13).
- Paramount announced a $16 million settlement on 1 July 2025, and the FCC approved the transfer on 24 July 2025 without mentioning it (1.14).
- Nexstar announced the Kimmel preemption on 17 September 2025 with its own stated reasons while its TEGNA application was pending (1.15).
- Pharmaceutical shares of outlet advertising revenue are not stated in the filings reviewed (1.16).