Deregulation and station trafficking

As part of its general deregulation efforts, the Federal Communications Commission rescinded its “Anti‐trafficking” rule permitting station owners to resell properties within three years of their initial acquisition. Critics argued that traffickers would be likely to behave to maximize short‐term profits and station values, and would thus earn higher returns on their investment than other station owners. Examining station sales over the period 1973‐1986, this study finds that “traffickers” have not been successful in achieving higher prices and returns to value than other station owners.