26
CITIZENS UNITED v. FEDERAL ELECTION COMM’N
Opinion of STEVENS, J.
ous statutes, it exempts media companies’ news stories,
commentaries, and editorials from its electioneering re
strictions, in recognition of the unique role played by the
institutional press in sustaining public debate.32 See 2
U. S. C. §434(f)(3)(B)(i); McConnell, 540 U. S., at 208–209;
see also Austin, 494 U. S., at 666–668. It also allows
corporations to spend unlimited sums on political commu
nications with their executives and shareholders,
§441b(b)(2)(A); 11 CFR §114.3(a)(1), to fund additional
PAC activity through trade associations, 2 U. S. C.
§441b(b)(4)(D), to distribute voting guides and voting
records, 11 CFR §§114.4(c)(4)–(5), to underwrite voter
registration and voter turnout activities, §114.3(c)(4);
§114.4(c)(2), to host fundraising events for candidates
within certain limits, §114.4(c); §114.2(f)(2), and to pub
licly endorse candidates through a press release and press
conference, §114.4(c)(6).
At the time Citizens United brought this lawsuit, the
only types of speech that could be regulated under §203
were: (1) broadcast, cable, or satellite communications;33
(2) capable of reaching at least 50,000 persons in the
relevant electorate;34 (3) made within 30 days of a primary
or 60 days of a general federal election;35 (4) by a labor
union or a non-MCFL, nonmedia corporation;36 (5) paid for
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consistently construed [BCRA’s] media exemption to apply to a variety
of non-traditional media”). If it should, the Government acknowledges
“there would be quite [a] good as-applied challenge.” Tr. of Oral Arg. 65
(Sept. 9, 2009).
32 As the Government points out, with a media corporation there is
also a lesser risk that investors will not understand, learn about, or
support the advocacy messages that the corporation disseminates.
Supp. Reply Brief for Appellee 10. Everyone knows and expects that
media outlets may seek to influence elections in this way.
33 2 U. S. C. §434(f)(3)(A)(i).
34 §434(f)(3)(C).
35 §434(f)(3)(A)(i)(II).
36 §441b(b); McConnell, 540 U. S., at 211.