McCain renews media tax credit

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Senate Commerce Committee chairman John McCain (R-Ariz.) reintroduced
legislation Thursday that would allow media companies to defer capital gains when they
sell stations and other outlets to minorities, women and small businesses.

McCain said his bill will help to remedy somewhat concerns about consolidation
and the diminishing diversity of media voices.

Federal Communications Commission chairman Michael Powell praised the bill.

"The time for rhetoric complaining about lack of opportunity in the
communications sector has past," he said. "This legislation is a clear step in
the right direction."