If FCC Loosens Ownership Caps, Brokers Expect Merger “Gold Rush”

The FCC appears on the verge of relaxing decades-old limits on how many radio stations one company can own in a single market, a move that industry brokers say will unleash a multibillion-dollar wave of mergers and acquisitions in 2026 — with Christian radio giants expected to dominate the buying spree.

As part of its delayed 2022 Quadrennial Review, the FCC voted 3-0 in September 2025 to seek public comment on raising or eliminating local ownership caps that currently restrict large-market owners to 7–8 stations (typically 4–5 FMs). 

The comment deadline is December 17, 2025, with final rules possible by mid-2026. 

Brokers at Media Services Group, Kalil & Co., and others are already calling it a potential “gold rush,” forecasting 200–300 deals per year and 20–30% jumps in station values once restrictions ease.

Religious broadcasters are positioned to lead the charge. Nonprofit giants Educational Media Foundation (K-LOVE, Air1) and Salem Media Group, flush with donor cash and tax advantages, accounted for roughly 40% of all radio transactions in 2024–2025 and are actively scouting new clusters. Insiders say both groups have war chests exceeding $500 million combined and are ready to pounce on underperforming commercial stations, especially in mid-tier and rural markets.

Current rules, largely unchanged since the 1996 Telecom Act, cap ownership based on market size and protect against excessive consolidation. Critics, including minority-ownership advocates, warn further deregulation will shrink viewpoint diversity and accelerate “news deserts.” 

Supporters, led by the National Association of Broadcasters, argue the caps are obsolete in an era when Spotify, YouTube, and podcasts dominate listening.

If approved, the changes would mark the biggest shake-up in radio ownership since the early 2000s and could reshape the AM/FM landscape for decades, with faith-based networks likely emerging as the biggest winners.