There is an exception in the McCain-Feingold statute that allows “bona fide” media organizations (i.e., the New York Times) to endorse federal candidates, which is one reason why the NRA has been mulling over the idea of going into the media business, perhaps by buying some TV and radio stations. George Soros might do the same thing. The FEC will no doubt spend a lot of time pondering how to regulate what is and isn’t a “bona fide” media organization, and what an NRA-owned TV station can and can’t say.
There is a possibility, though, that National Review, The Nation, The New Republic, etc. might become conduits for the now-banned issue ads. Just think of it: Rich Lowry could do TV spots right before the election where he says, “Buy National Review, and read all about how Howard Dean plans to turn over our country to the U.N.!”