Minority broadcasters asked for the same kind of federal bailout afforded the auto and financial industries in a July 12 letter from 14 top executives in the group to Treasury Secretary Timothy F. Geithner.
The letter came with a stark warning.
“Minority-owned broadcasters are close to becoming an extinct species,” the group wrote.
“What will happen to the communities we serve if this once-in-a-lifetime financial crisis completely severs our access to capital and we lose our stations? The federal government for decades has advocated the importance of minority voices in the broadcast industry as a precursor to a vibrant democracy and a more inclusive society,” the broadcasters said.
The group includes Pierre Sutton, chairman of Inner City Broadcasting Co. - which owns 18 radio stations in seven cities - and Raul Alarcon, president of Spanish Broadcasting Systems, which owns New York City’s two largest Spanish-language radio stations.
The consortium is interested in programs that could restore credit flows to broadcasters plagued with dwindling advertising revenues. The loss of auto advertising has been particularly challenging, the group said, characterizing the situation as ironic, considering the amount of bailout money auto manufacturers have received.
“The primary source of news and entertainment for millions of minority communities in the U.S. comes primarily from minority-owned broadcasters. It would be unconscionable to have financial institutions that have accepted billions of federal government assistance to foreclose on these vital American voices,” the letter said.
The group also nudged the banking industry.
“If the Treasury does not want to enact a direct assistance program, at least it should seriously demand that banking institutions receiving federal funds extend credit and be flexible in restructuring credit facilities to ensure that healthy, commercially viable minority broadcasters can weather this unprecedented, but temporary, financial storm,” the broadcasters said.
Treasury Department spokeswoman Meg Reilly did not return calls for comment.
Jeff Harjo, executive director of the Oklahoma-based Native American Journalists Association, said his group had not participated.
“I didn’t know we’d be eligible for such funding,” Mr. Harjo said.
The request follows a letter sent to Mr. Geithner in May by House Majority Whip James E. Clyburn of South Carolina, Democratic Reps. Barney Frank, Charles B. Rangel, Maxine Waters and others, asking the secretary to ensure that minority-owned broadcasters get the same kind of consideration as auto manufacturers and banks.
Earlier this year, the struggling newspaper industry received similar interest from lawmakers concerned about the impact of a weaker press on democracy. Sen. John Kerry took particular interest in the plight of the Boston Globe, which is on the brink of closure.
“There will also be serious consequences for our democracy where diversity of opinion and strong debate are paramount,” the Massachusetts Democrat said in April.View Entire Story
By Rand Paul
Obama acts as though we no longer have a Constitution
Independent voices from the TWT Communities
Viewing and reviewing the Los Angeles experimental and classic punk scene with a nod to Rodney's English Disco
One man’s perspective. Exploration and commentary designed to challenge the conventional thinking of day on the political issues affecting our nation.
First over-the-counter column approved for fast and effective relief from even your worst media-induced headache.
Contributions to the Communities Sports desk from readers.
Benghazi: The anatomy of a scandal
Vietnam Memorial adds four names
Cinco de Mayo on the Mall
NRA kicks off annual convention
California wildfires wreak havoc