In the US, "cross ownership" also refers to a type of investment in different mass-media properties in one market.
Long term cross ownership of shares combined with a high capital tax rate greatly increases periods of asset deflation both in time and in severity.
To prevent one license holder from having too much local media ownership, the Federal Communications Commission generally does not allow cross ownership unless the license holder obtains a waiver.
Examples include News Corporation and the Tribune Company, both in New York.
The mid-1970s cross-ownership guidelines grandfathered already-existing cross ownerships, such as Tribune-WGN, New York Times-WQXR and the New York Daily News ownership of WPIX Television and Radio.