Sec.  73.860   Cross-ownership.

   (a) Except as provided in paragraph (b) of this section, no license for an
   LPFM  station  shall  be  granted  to  any  party if the grant of such
   authorization will result in the same party holding an attributable interest
   in any other non-LPFM broadcast station, including any FM translator or low
   power  television station, or any other media subject to our broadcast
   ownership restrictions.

   (b) A party with an attributable interest in a broadcast radio station must
   divest such interest prior to the commencement of operations of an LPFM
   station in which the party also holds an interest unless such party is a
   college or university that can certify that the existing broadcast radio
   station is not student run. This exception applies only to parties that;

   (1) Are accredited educational institutions, and;

   (2) Own attributable interest in non-student run broadcast stations;

   (3) Apply for an authorization for an LPFM station that will be managed and
   operated on a day-to-day basis by students of the accredited educational
   institution; and

   (4) Do not face competing applications for the LPFM authorization.

   (c) No LPFM licensee may enter into an operating agreement of any type,
   including a time brokerage or management agreement, with either a full power
   broadcast station or another LPFM station.

   [ 65 FR 7640 , Feb. 15, 2000, as amended at  65 FR 67303 , Nov. 9, 2000;  65 FR 69458 , Nov. 17, 2000]