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FCC is scrutinizing details of TV stations' agreement


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POSTED: Wednesday, November 11, 2009

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.

Two days later, Raycom hand-delivered its own disclosure to the FCC. The two-paragraph letter divulged the $22 million amount at the end of the last sentence.

The FCC noted in yesterday's request that the interest rate on the note “;was still redacted,”; and advised Raycom and MCG that it would not consider a blanket request for confidentiality of items the companies consider proprietary, competitive or private, and that any requests for confidentiality would have to be detailed in accordance with a specific section of FCC rules.

On the Net:
» mediacouncil.org/wp

School supports shoppers

The name Kamehameha Schools doesn't instantly bring shopping discounts to mind—yet it has launched a new customer discount card.

The Malama Card was designed “;to help our tenants,”; said Ann Botticelli, vice president of community relations and communications.

As a landowner, Kamehameha Schools' tenants include Windward Mall, Pearlridge Center, Kahala Mall, Kapalama Shopping Center, Royal Hawaiian Center and other properties in Waipahu, Waiakamilo, Kakaako, Hawaii Kai, Haleiwa and, on the Big Island, Keauhou.

Keeping customers coming in the doors keeps the stores paying lease rent, which funds the schools.

Merchants can participate free and some 90 have signed up. The list of participating merchants will be constantly updated online.

Shoppers can get free Malama cards from participating merchants.

“;The Malama Card discount program is a way for KS' ohana and the general public to have a meaningful impact on the schools' education,”; said Paul Quntiliani, senior director of commercial real estate, in a statement.

On the Net:
» www.malamacard.com