• by Wayne Friedman , Staff Writer, Yesterday

Legacy media companies that owned TV stations' FCC licenses may have more concerns under the Trump Administration -- according to a note from New Street Research.

With settlements by Paramount Global and Walt Disney as a result of Trump lawsuits, Blair Levin, media analyst of New Street Research, believes a “Trump Transaction Tax” awaits many media companies -- especially when it comes to buying or selling TV stations, which needs FCC approval for those deals to be completed.

Looking forward, he says: “The same costs that Paramount will end up paying may also be applied to Disney and Comcast, who may be interested in either buying or selling broadcast stations.”

He adds: “As Trump regards them as enemies, arguing that their coverage should cause them to lose their licenses, the FCC will heavily scrutinize any transactions they are involved with.”

In addition, Levin says Fox Corp. may now be “in the same penalty box” as Disney and Comcast Corp., for example.

Why? It’s because of Trump’s current lawsuit against The Wall Street Journal for a story involving Jeffrey Epstein.

Rupert Murdoch is chairman of Fox Corporation and executive chairman of News Corp, which owns the WSJ. He has controlling interest in both companies.

“The question for investors is whether Fox, like Paramount, will have to settle the Trump litigation before being allowed to participate in any transaction requiring FCC approval.”

All this brings concerns -- not just for big TV-network/TV station media companies, but for independent TV station groups looking to sell/buy or form partnerships as legacy TV undergoes a transformation period as the rise of streaming TV grows.

E.W. Scripps and Gray Media announced a swap of television stations in five local markets, some of which violate current rules by creating several duopolies, according Levin. Good news for those companies is that the deals will likely be legal under new FCC rules.

But is that the end of this news story?