Abstract
This article addresses the structural changes in the local broadcast television, radio, and daily newspaper industries in small media markets. Specifically, the study explores the consequences of shifting from a managed structure of regulation to an open-market structure of deregulation in markets with a population of 125,000 or less. Overall, the statistical analysis suggests a limited impact on the number of local owners when considering the gradual change from regulation to deregulation. However, the analysis suggests that there has been a negative impact on ownership diversity in some local media industries in the small markets since the Telecommunications Act of 1996.