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 —————— 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.

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