Abstract
Some public interest groups use the concept of "free air time"-regulation compelling television stations to provide free advertising time for federal candidates-to advance the cause of campaign finance reform. The purpose of this article is not to rehash arguments over whether the First Amendment prohibits such legislation but rather to examine a newer direction of inquiry through the Fifth Amendment "takings" clause. Although takings arguments have been dismissed by many due to the "public interest" standard to which broadcasters are held and public ownership of the spectrum, this article uses tenets of media economic theory to show that free air time could indeed constitute a "taking." What is at issue is not the use of the spectrum, but rather access to an audience: economic property created and sold by broadcasters.
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