Cite as: 558 U. S. ____ (2010)
35
Opinion of the Court
vantages—such as limited liability, perpetual life, and
favorable treatment of the accumulation and distribution
of assets.” 494 U. S., at 658–659. This does not suffice,
however, to allow laws prohibiting speech. “It is rudimen
tary that the State cannot exact as the price of those
special advantages the forfeiture of First Amendment
rights.” Id., at 680 (SCALIA, J., dissenting).
It is irrelevant for purposes of the First Amendment
that corporate funds may “have little or no correlation to
the public’s support for the corporation’s political ideas.”
Id., at 660 (majority opinion). All speakers, including
individuals and the media, use money amassed from the
economic marketplace to fund their speech. The First
Amendment protects the resulting speech, even if it was
enabled by economic transactions with persons or entities
who disagree with the speaker’s ideas. See id., at 707
(KENNEDY, J., dissenting) (“Many persons can trace their
funds to corporations, if not in the form of donations, then
in the form of dividends, interest, or salary”).
Austin’s antidistortion rationale would produce the
dangerous, and unacceptable, consequence that Congress
could ban political speech of media corporations. See
McConnell, 540 U. S., at 283 (opinion of THOMAS, J.) (“The
chilling endpoint of the Court’s reasoning is not difficult to
foresee: outright regulation of the press”). Cf. Tornillo,
418 U. S., at 250 (alleging the existence of “vast accumula
tions of unreviewable power in the modern media em
pires”). Media corporations are now exempt from §441b’s
ban on corporate expenditures.
See 2 U. S. C.
§§431(9)(B)(i), 434(f)(3)(B)(i).
Yet media corporations
accumulate wealth with the help of the corporate form, the
largest media corporations have “immense aggregations of
wealth,” and the views expressed by media corporations
often “have little or no correlation to the public’s support”
for those views. Austin, 494 U. S., at 660. Thus, under
the Government’s reasoning, wealthy media corporations