Nature of the Case
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Facts
General Tire was under investigation by the SEC for having secret overseas accounts used to make illegal campaign contributions. Taking this information, Community Broadcasting of Boston filed a petition to reopen the record and enlarge the issues and remand for further hearing regarding the fact that RKO had violated commission rules by not disclosing the existence of its parent corporation's secret slush fund and that it failed to disclose that General Tire was under investigation by the Chilean government. RKO opposed this petition and indicated that these matters did not affect its status for a broadcast license. Eventually, a consent decree was issued by the SEC, and then RKO informed the Commission and most of the allegations by Community were confirmed. Before the Commission could consider the pending pleadings, RKO, Community, and Dudley entered into a settlement agreement calling for the assignment of the WNAC-TV license to NETV an entity created by the merger of Community and Dudley with a purchase price of $54,000,000. Fidelity Television and Multi-State Communications filed petitions opposing this merger and sale. Both of these challengers were operated by RKO.
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