Media moguls like Rupert Murdoch suffered a blow yesterday in their bid to take over the nation’s news media. The US Court of Appeals for the Third Circuit struck down an FCC rule that allowed companies to own both a newspaper and a broadcast station in the same market. Back in 1997 – the FCC relaxed laws regarding cross-ownership in the media.

But the court said yesterday that rule change by the FCC was done improperly without giving the public enough time to weigh in on the matter. Corie Wright – policy council for the group “Free Press” - said after the ruling, “the court wisely concluded that competition in the media – not more concentration – will provide Americans with the local news and information they need and want.”

Could this be the end of "Big Media"?

Up next is the Supreme Court.