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The FCC regulates technical aspects of satellite radio broadcasts in the US, under the "Satellite Digital Audio Radio Service" rules, however they do not currently censor content as they do with terrestrial audio radio. The FCC allocated the spectrum and auctioned off two licenses in the late 90s for about $100 million each. For the past year and a half, there have been efforts to add indecency censorship. Both terrestrial broadcasters and right-wing organizations have been petitioning the FCC and lobbying congress. The FCC petitions have been consistently rejected, so it will probably require federal legislation to change the situation. Seems unlikely, as it would be so unpopular, but sometimes they slip some pretty unpopular stuff on the end of an unrelated bill. Viacom would probably pay no end of lobbying cash to torpedo Stern.
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