▁and ▁over se es ▁the ▁renew al ▁of ▁lic enses ▁to ▁local ▁stations , ▁which ▁st ip ulate ▁stations ' ▁commit ments ▁to ▁educational ▁and ▁public - inter est ▁programming . ▁During ▁the ▁early ▁years ▁of ▁commercial ▁television , ▁the ▁F CC ▁permitted ▁a ▁single ▁company ▁to ▁own ▁a ▁maximum ▁of ▁five ▁television ▁stations ▁nation wide ▁( l ater ▁raised ▁to ▁seven ▁stations ▁in ▁ 1 9 8 4 ▁and ▁then ▁to ▁twelve ▁in ▁ 1 9 9 2 ), ▁although ▁until ▁the ▁ 1 9 6 0 s , ▁very ▁few ▁companies ▁outside ▁of ▁the ▁major ▁broadcast ▁networks ▁owned ▁multiple ▁stations . ▁Since ▁a ▁change ▁to ▁its ▁media ▁ownership ▁reg ulations ▁in ▁ 1 9 9 9 ▁that ▁counted ▁television ▁station ▁ownership ▁maxim ums ▁by ▁a ▁national ▁market ▁percentage ▁rather ▁than ▁by ▁the ▁number ▁of ▁stations ▁that ▁could ▁be ▁allowed ▁in ▁their ▁port folio , ▁F CC ▁rules ▁mand ate ▁that ▁the ▁total ▁number ▁of ▁television ▁stations ▁owned ▁by ▁any ▁company ▁can ▁only ▁reach ▁a ▁maximum ▁of ▁ 3 9 % ▁of ▁all ▁mark ets ▁in ▁the ▁U . S . ▁Until ▁ 2 0 1 6 , ▁a ▁" dis count " ▁allowed ▁a ▁broad c aster ▁to ▁cover ▁up ▁to ▁ 7 8 % ▁of ▁the ▁U . S . ▁with ▁U H F ▁signals ; ▁this ▁loop hole ▁was ▁closed ▁in ▁ 2 0 1 6 , ▁although ▁existing ▁companies ▁above ▁the ▁ 3 9 % ▁threshold ▁will ▁be ▁covered ▁under ▁a ▁grand father ▁clause ▁and , ▁although ▁they