Larry Pressler

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President Bill Clinton signs the Telecommunications Act of 1996, the first comprehensive overhaul of communications law since 1934. The law eliminates national caps on how many broadcast stations a single company can own and relaxes local ownership limits, enabling a wave of media consolidation. Disney acquires ABC in 1995 as part of the pre-consolidation rush; the Telecom Act deepens that trend. The law preserves FCC licensing authority over broadcasters while deregulating ownership structures. Within a decade, a handful of large corporations own most major television stations — concentrating the targets of any future government licensing pressure into fewer, larger corporate hands.