MCA-Owned TV Station a Possible Snag : Broadcast: Federal rules prevent foreign firms from owning more than 20% of a station, but WWOR-TV in New York should be easy to sell.

One minor obstacle to a possible sale of MCA Inc. to Matsushita Electric is the Hollywood studio’s ownership of television station WWOR-TV, which covers the huge New York market. Federal regulations prohibit foreign entities from owning more than 20% of a broadcast station.

Although many people consider the rules antiquated in today’s global media economy, the Federal Communications Commission adopted the foreign ownership limits in the 1920s out of fear that the Germans might take over the then-nascent radio industry.

Australian-based News Corp. skirted the rules when it bought the Fox TV stations by having its biggest shareholder, Rupert Murdoch, become an American citizen.

But if Matsushita-MCA were unable to receive a waiver from the FCC to allow continued ownership of WWOR, then selling it would not be much of a problem. MCA bought the station in 1986 for $387 million.

The question is whether MCA could sell WWOR for more than it paid four years ago, when station prices were at their peak.

“It would be difficult to get that kind of price today,” said Howard Stark, who has brokered several big TV station deals. “They have invested a lot of money in programming.”

New York is the largest TV market in the country, covering 7.7% of the nation’s TV households. The six major commercial TV stations in New York split an estimated $990 million in local advertising revenue.

An independent VHF station in New York--WWOR is on Channel 9--is still a precious commodity, however, even in the currently depressed climate for media properties. Industry executives speculate that a handful of companies would be interested.

Hollywood studios, particularly those that produce shows for local TV stations, covet outlets in major markets such as New York because they can give a substantial boost to launching new shows. Customarily, new shows cannot be launched without being sold to a New York station.

Among the logical candidates to buy WWOR would be Walt Disney Co., which owns independent KCAL-TV in Los Angeles. Disney wants to expand aggressively into the television business, and an additional outlet in New York would give it a strong base from which to launch syndicated programs. Disney lost a 1986 bid to buy WWOR.

Another possible buyer might be Chris-Craft Industries Inc., headed by New York financier Herbert J. Siegel. Through interlocking ownership with United Television Inc., Siegel controls seven TV stations, including KCOP in Los Angeles. A close friend of MCA Chairman Lew R. Wasserman, Siegel could have the inside track on a sale of WWOR.

One sign of the closeness of MCA and Chris-Craft is their agreement to jointly produce three hourlong action/drama series that are scheduled to begin airing in January.

One other possible buyer is Paramount Communications Inc. Paramount owns 83% of TVX Broadcast Group, a Virginia Beach, Va.-based group of six independent stations that covers 10% of the country. With the addition of a New York outlet, Paramount-controlled stations would cover 17.7% of the country, making them a valuable asset in the studio’s sale of syndicated programs.

KEY PLAYERS MICHAEL OVITZ

The 43-year-old chairman of Creative Artists Agency has been called the most powerful man in Hollywood. His company perfected the practice of “packaging” talent and boasts a stable of stars that includes Tom Cruise, Robert Redford and director Steven Spielberg. The intensely private Ovitz has long been rumored to be interested in running a major entertainment company.

LEW WASSERMAN

A former superagent himself, Wasserman has reportedly been interested in selling MCA for several years. At 77, he remains one of Hollywood’s most savvy deal makers. Under Wasserman, MCA has grown into a multifaceted entertainment company.

DAVID GEFFEN

The 47-year-old Geffen made his first millions as president of Elektra-Asylum Records in the 1970s. He has also enjoyed success on Broadway as a producer of “Cats” and in Hollywood with “Beetlejuice” and “Risky Business.” In April, Geffen sold his Geffen Records to MCA in a deal valued at about $435 million at the time.

AKIO TANII

Under its president, Matsushita has been emphasizing industrial electronics over the consumer sector and has been known to be looking for an entertainment acquisition. Tanii became president in 1973 when founder Konosuke Matsushita stepped down from active management because of poor health.