Stock Bull,
You're right. The bigger issue is whether the City can regulate cable at all, something normally regulated by the FCC. As I mentioned Friday when this topic came up, since the Portland court said the city could make open cable access a condition of granting the cable company a contract, the question also comes up whether the city can pick and choose cable content as opposed to simply accepting or rejecting cable as a fixed package. I was under the impression that the 1996 Telecommunications act preempted local control of cable (which is why my cable bill had jumped substantially over the last couple of years--no competition and no longer local control).
From the market's reaction today with both ATHM & AOL, I'd say most people, after thinking it over, are concluding the Portland ruling is of little importance. If a court ruling did give AOL instant cable hitchhiking rights, AOL would be selling at $170/shr in ten minutes.
BTW, I see AOL's volume today, at around 22mm, is about average. IOW, nothing special.
Best,
--Steve |
