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FEC rules do not apply to news reporting and editorials (2 U.S.C. 431(9)(B)(i)):
"The term 'expenditure' does not include - any news story, commentary, or editorial distributed through the facilities of any broadcasting station, newspaper, magazine, or other periodical publication, unless such facilities are owned or controlled by any political party, political committee, or candidate;"
The FEC has said (Advisory Opinion 1996-2) that an entity qualifies for the media exemption only if it is part of a traditional broadcast or print outlet for news distribution. But the advent of the Internet has created an environment in which anyone can be a publisher and become a member of "the press." According to one survey, there are at least 475 "web only" news sources globally, of which 334 are in the United States. (http://ememdia1.mediainfo.com/emedia/)
"When the Framers thought of the press, they did not envision the large, corporate newspaper and television establishments of our modern world. Instead, they employed the term "the press" to refer to the many independent printers who circulated small newspapers or published a writer's pamphlets for a fee." -- Justice Clarence Thomas (1995)
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