FCC Scrutinizing Details of Honolulu Station Merger

Honolulu Star-Bulletin

The Federal Communications Commission is taking a fine-toothed-comb look at the merged operations of KGMB-TV, KHNL-TV and KFVE-TV.

In a letter to the stations’ owners yesterday, the commission requested “complete, unredacted” copies of documents previously filed by Raycom Media Inc. and MCG Capital Corp. in response to a complaint by Media Council Hawaii.

The commission also wants the station owners to explain aspects of the agreements that seem to indicate that cross-ownership interests already exist, which would be a violation of FCC rules.

The request comes in light of now-KFVE owner MCG Capital’s disclosure in a Securities and Exchange Commission filing last Wednesday that a $22 million promissory note is part of the deal, in a filing with the U.S. Securities and Exchange Commission last week Wednesday. More…

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