In Case You Missed It: Wall Street Journal did an excellent blog posting about the Federal Communications Commission launching its Future of Media initiative. Yesterday, FCC Commissioner Meredith Attwell Baker said that the government needs to stay out of the media business. See below WSJ Blog posting for more information.

Wall Street Journal Blog

Just a month after the Federal Trade Commission held hearings on the beleaguered news industry and what the government might do about it, the Federal Communications is getting into the act, too.

The agency has launched an investigation into the “Future of Media,” and released an 11-page request for information about the state of the news business. It plans to examine the current state of the news industry, industry trends and what the agency could do to change its current rules.

FCC Chairman Julius Genachowski said the agency wants to understand the “fundamental changes” in the media industry and examine “what impact such changes may have for (FCC) policies.” In a press release Thursday, the FCC said that the initiative “will not include any effort to control the editorial content of any type of media.”
The agency said the project will “produce a report providing a clear, precise assessment of the current media landscape, analyze policy options and, as appropriate, make policy recommendations to the FCC, other government entities, and other parties.”

It started a new Web site, and sent a tweet asking people to “read the blog, share stories & submit ideas to improve media.”

One hitch: the FCC has limited authority over media companies, and most of the authority it has stems from its control over TV and radio station licenses. The agency has rules that limit how many TV or radio stations a company can own and has historically barred companies from owning both a leading newspaper and TV station in the same market. The FCC’s effort to loosen the newspaper-broadcast cross ownership limit is still in a federal appeals court.

The “Future of Media” report could be used as part of a larger, congressionally mandated review of its media ownership rules which the agency recently launched.

Aside from further regulations on TV and radio stations, its not clear what the FCC or the Obama administration could require of newspapers or Internet news sites.

The FCC’s efforts to assert authority over Internet lines has been challenged and its not clear what authority the agency might have over Internet sites and content.

Some critics, including Republican FCC Commissioner Meredith Baker, argue there are significant First Amendment issues here. Baker gave a speech at a Media Institute luncheon Thursday, and said the talk should be headlined, “Baker Says Government Should Stay Out of Journalism.”

“Market gaps are not necessarily market failures requiring government intervention,” Baker told the audience, mostly media and telecom lawyers. “As journalists search for their future identity, I urge that we leave journalists largely to their own devices to find a new sustainable commercial foundation.”