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Federal Register / Vol. 86, No. 123 / Wednesday, June 30, 2021 / Rules and Regulations
acquire an equity interest in the eligible entity or any related entity. For purposes of this paragraph i.2, an eligible entity shall include any entity that qualifies as a small business under the Small Business Administrations size standards for its industry grouping, as set forth in 13 CFR 121.201, at the time the transaction is approved by the FCC, and holds:
A. 30 percent or more of the stock or partnership interests and more than 50
percent of the voting power of the corporation or partnership that will own the media outlet; or B. 15 percent or more of the stock or partnership interests and more than 50
percent of the voting power of the corporation or partnership that will own the media outlet, provided that no other person or entity owns or controls more than 25 percent of the outstanding stock or partnership interests; or C. More than 50 percent of the voting power of the corporation that will own the media outlet if such corporation is a publicly traded company.
j. Time brokerage also known as local marketing is the sale by a licensee of discrete blocks of time to a broker that supplies the programming to fill that time and sells the commercial spot announcements in it.
1. Where two radio stations are both located in the same market, as defined for purposes of the local radio ownership rule contained in paragraph a of this section, and a party including all parties under common control with a cognizable interest in one such station brokers more than 15 percent of the broadcast time per week of the other such station, that party shall be treated as if it has an interest in the brokered station subject to the limitations set forth in paragraph a of this section.
This limitation shall apply regardless of the source of the brokered programming supplied by the party to the brokered station.
2. Where two television stations are both located in the same market, as defined in the local television ownership rule contained in paragraph b of this section, and a party including all parties under common control with a cognizable interest in one such station brokers more than 15
percent of the broadcast time per week of the other such station, that party shall be treated as if it has an interest in the brokered station subject to the limitations set forth in paragraphs b and e of this section. This limitation shall apply regardless of the source of the brokered programming supplied by the party to the brokered station.
3. Every time brokerage agreement of the type described in this Note shall be
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undertaken only pursuant to a signed written agreement that shall contain a certification by the licensee or permittee of the brokered station verifying that it maintains ultimate control over the stations facilities including, specifically, control over station finances, personnel and programming, and by the brokering station that the agreement complies with the provisions of paragraph b of this section if the brokering station is a television station or with paragraph a of this section if the brokering station is a radio station.
k. Joint Sales Agreement is an agreement with a licensee of a brokered station that authorizes a broker to sell advertising time for the brokered station.
1. Where two radio stations are both located in the same market, as defined for purposes of the local radio ownership rule contained in paragraph a of this section, and a party including all parties under common control with a cognizable interest in one such station sells more than 15 percent of the advertising time per week of the other such station, that party shall be treated as if it has an interest in the brokered station subject to the limitations set forth in paragraph a of this section.
2. Every joint sales agreement of the type described in this Note shall be undertaken only pursuant to a signed written agreement that shall contain a certification by the licensee or permittee of the brokered station verifying that it maintains ultimate control over the stations facilities, including, specifically, control over station finances, personnel and programming, and by the brokering station that the agreement complies with the limitations set forth in paragraph a of this section if the brokering station is a radio station.

Note 4 to 73.3555: Paragraphs a and b of this section will not be applied so as to require divestiture, by any licensee, of existing facilities, and will not apply to applications for assignment of license or transfer of control filed in accordance with 73.3540f or 73.3541b, or to applications for assignment of license or transfer of control to heirs or legatees by will or intestacy, or to FM or AM broadcast minor modification applications for intra-market community of license changes, if no new or increased concentration of ownership would be created among commonly owned, operated or controlled broadcast stations.
Paragraphs a and b of this section will apply to all applications for new stations, to all other applications for assignment or transfer, to all applications for major changes to existing stations, and to all other applications for minor changes to existing stations that seek a change in an FM or AM
radio stations community of license or create
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new or increased concentration of ownership among commonly owned, operated or controlled broadcast stations. Commonly owned, operated or controlled broadcast stations that do not comply with paragraphs a and b of this section may not be assigned or transferred to a single person, group or entity, except as provided in this Note, the Report and Order in Docket No. 02277, released July 2, 2003 FCC 02127, or the Second Report and Order in MB Docket No.
1450, FCC 16107 released August 25, 2016.
Note 5 to 73.3555: Paragraphs b and e of this section will not be applied to cases involving television stations that are satellite operations. Such cases will be considered in accordance with the analysis set forth in the Report and Order in MM
Docket No. 878, FCC 91182 released July 8, 1991, as further explained by the Report and Order in MB Docket No. 1863, FCC 19
17, released March 12, 2019, in order to determine whether common ownership, operation, or control of the stations in question would be in the public interest. An authorized and operating satellite television station, the digital noise limited service contour of which overlaps that of a commonly owned, operated, or controlled non-satellite parent television broadcast station may subsequently become a nonsatellite station under the circumstances described in the aforementioned Report and Order in MM Docket No. 878. However, such commonly owned, operated, or controlled non-satellite television stations may not be transferred or assigned to a single person, group, or entity except as provided in Note 4 of this section.
Note 6 to 73.3555: Requests submitted pursuant to paragraph b2 of this section will be considered in accordance with the analysis set forth in the Order on Reconsideration in MB Docket Nos. 1450, et al. FCC 17156.
Note 7 to 73.3555: The Commission will entertain applications to waive the restrictions in paragraph b of this section the local television ownership rule on a case-by-case basis. In each case, we will require a showing that the in-market buyer is the only entity ready, willing, and able to operate the station, that sale to an out-ofmarket applicant would result in an artificially depressed price, and that the waiver applicant does not already directly or indirectly own, operate, or control interest in two television stations within the relevant DMA. One way to satisfy these criteria would be to provide an affidavit from an independent broker affirming that active and serious efforts have been made to sell the permit, and that no reasonable offer from an entity outside the market has been received.

We will entertain waiver requests as follows:
1. If one of the broadcast stations involved is a failed station that has not been in operation due to financial distress for at least four consecutive months immediately prior to the
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