§  73.860   Cross-ownership.

   (a) Except as provided in paragraph (b) of this section, no license for
   an LPFM station shall be granted to any party if the grant of such
   authorization will result in the same party holding an attributable
   interest in any other non-LPFM broadcast station, including any FM
   translator or low power television station, or any other media subject
   to our broadcast ownership restrictions.

   (b) A party with an attributable interest in a broadcast radio station
   must divest such interest prior to the commencement of operations of an
   LPFM station in which the party also holds an interest unless such
   party is a college or university that can certify that the existing
   broadcast radio station is not student run. This exception applies only
   to parties that;

   (1) Are accredited educational institutions, and;

   (2) Own attributable interest in non-student run broadcast stations;

   (3) Apply for an authorization for an LPFM station that will be managed
   and operated on a day-to-day basis by students of the accredited
   educational institution; and

   (4) Do not face competing applications for the LPFM authorization.

   (c) No LPFM licensee may enter into an operating agreement of any type,
   including a time brokerage or management agreement, with either a full
   power broadcast station or another LPFM station.

   [ 65 FR 7640 , Feb. 15, 2000, as amended at  65 FR 67303 , Nov. 9, 2000;  65 FR 69458 , Nov. 17, 2000]