JOHN R. BROWN, Circuit Judge;
This case raises significant issues under the laws of copyright and free speech. For years, Courts and commentators have recognized a potential conflict between copyright and the First Amendment.1 How[1172]*1172ever, until the District Court’s opinion in the case now before us, 445 F.Supp. 875 (S.D.Fla.1978), no Court had ever held that a copyright suit could be defeated by a First Amendment defense. We affirm the result reached by the District Court, but disagree with the Court’s rationale. Contrary to the District Court, we hold that fair use constitutes a valid defense to the copyright infringement suit involved in this case. The majority does not reach the issue of the First Amendment defense upon which the District Court based its judgment for the Appellee.
I. How It Came About And What Happened
The plaintiff-appellant, Triangle Publications (Triangle), is the publisher of “TV Guide,” a periodical containing television schedules and articles relating to television entertainment. The defendant-appellee, Knight-Ridder Newspapers (Knight-Ridder), publishes the Miami Herald Newspaper (the Herald). During the fall of 1977, Knight-Ridder began a campaign to promote a newly developed television booklet which was to be included as a supplement to the Sunday edition of the Herald. Like TV Guide, the booklet contains television schedules and articles related to that media. The supplement was introduced to the public on November 13, 1977, through a colored newspaper advertisement in the Miami Her-aid. See Appendix. The following week newspaper vending machine posters (known in the trade as rack cards) advertising the booklet were displayed throughout the southern part of Florida. Subsequently, four additional newspaper ads were introduced promoting the booklet, each displaying an actual-sized reproduction of a TV Guide cover next to an actual-sized reproduction of the cover of the Herald’s new TV supplement.2
In addition, the booklet was advertised in two thirty second television commercials. The first is based on the theme “Goldilocks and the Three Bears.” It compares the size of the Herald’s former television guide with the Herald’s new supplement and with TV Guide, concluding that the former supplement is too large, that TV Guide is too small, but that the new supplement is just the right size for human beings.3 While TV Guide is not mentioned by name, one of the actors in the commercial is shown briefly with a back-dated copy of TV Guide in hand. The cover of the TV Guide issue is clearly visible. The commercial was used for several weeks and was then discontinued. The second commercial is a monologue. After identifying TV Guide as the competing product, the announcer suggests that the Herald’s supplement is a better value for the money because the purchaser gets the entire newspaper, not merely a TV booklet.4 During the course of his state[1173]*1173ment, the announcer holds up a back-dated issue of TV Guide with the cover clearly visible. The announcer then puts down the TV Guide and holds up first a copy of the Herald’s supplement and then a copy of the Sunday edition of the Herald. This commercial was being used at the time of the District Court’s hearing and Knight-Ridder contemplated using it in the future.
The only conduct by the Herald being challenged here is the reproducing of TV Guide covers. The verbal reference to TV Guide made in the second commercial5 is not being attacked. Since each issue of TV Guide is individually copyrighted, and since magazine covers have in the past been afforded copyright protection, see, e.g., Conde Nast Publications, Inc. v. Vogue School of Fashion Modeling, Inc., 105 F.Supp. 325 (S.D.N.Y.1952), Triangle claims that the Herald’s showing of TV Guide covers violates § 106 of the new Copyright Act, 17 U.S.C.A. § 106 (1976).6 Triangle moved in the District Court for preliminary and permanent injunctions (and also sought damages).
The District Court found that the challenges to the five newspaper ads, the rack cards and the first television commercial were moot for purposes of a preliminary injunction, reasoning that none of these ads were then being used. Since all that was left was the second television commercial, the Court denied the motion for a preliminary injunction, pointing out that nearly all of the alleged harm had already occurred and that the likelihood of irreparable injury had therefore not been shown.
The Court also denied the motion for a permanent injunction. In so doing, the Court considered four issues. First, the Court considered whether the cover of a magazine is protected by the magazine’s copyright, holding that it is. Second, the Court found that the use of the cover was a “display” as defined by § 106(5) of the Act. Third, the Court held that the display was not protected by the defense of fair use. Fourth, the Court held, based on recent Supreme Court cases giving First Amendment protection to commercial speech,7 that the First Amendment place limits on the law of copyright and that the Herald’s display of TV Guide was constitutionally protected activity.
II. Fair Use
It is undisputed on this appeal that unless protected by fair use or the First Amendment, Knight-Ridder’s use of TV Guide covers constitutes as infringement under the copyright law.8 Accordingly, wé proceed [1174]*1174directly to the question of whether the defense of fair use justifies Knight-Ridder’s actions.
The question of fair use has been appropriately described as “the most troublesome in the whole law of copyright.” Dellar v. Samuel Goldwyn, Inc., 104 F.2d 661 (2d Cir. 1939). Although no definition of fair use that is workable in every case has ever evolved, a frequently quoted definition of fair use is “a privilege in others than the owner of a copyright to use the copyrighted material in a reasonable manner without his consent, notwithstanding the monopoly granted to the owner [by the copyright].” Rosemont Enterprises, Inc. v. Random House, Inc., 366 F.2d 303, 306 (2d Cir. 1966), cert. denied, 385 U.S. 1009, 87 S.Ct. 714, 17 L.Ed.2d 546 (1967), quoting Ball, The Law of Copyright and Literary Property, 260 (1944).
Fair use is “a 'rule of reason’ fashioned by Judges to balance the author’s right to compensation for his work, on the one hand, against the public’s interest in the widest possible dissemination of ideas and information, on the other.” Sobel, supra note 1, at 51, quoting Latman, Fair Use of Copyrighted Works 5 (Sen. Comm, on Judiciary Study No. 141960). The fair use doctrine frequently serves to eliminate potential conflicts between copyright and free speech. See Denicola, Copyright and Free Speech: Constitutional Limitations on the Protection of Expression, 67 Calif.L.Rev. 283, 299, 303-04 (1979) (hereafter cited as Denicola). The doctrine first appeared back in 1841 in Folsom v. Marsh, 9 F.Cas. 342 (C.C.D.Mass.1841), although the precise term “fair use” did not make its appearance until 28 years later in Lawrence v. Dana, 15 F.Cas. 26, 60 (C.C.D.Mass.1869). See generally Case Note, Copyright and the First Amendment — Triangle Publications, Inc. v.
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JOHN R. BROWN, Circuit Judge;
This case raises significant issues under the laws of copyright and free speech. For years, Courts and commentators have recognized a potential conflict between copyright and the First Amendment.1 How[1172]*1172ever, until the District Court’s opinion in the case now before us, 445 F.Supp. 875 (S.D.Fla.1978), no Court had ever held that a copyright suit could be defeated by a First Amendment defense. We affirm the result reached by the District Court, but disagree with the Court’s rationale. Contrary to the District Court, we hold that fair use constitutes a valid defense to the copyright infringement suit involved in this case. The majority does not reach the issue of the First Amendment defense upon which the District Court based its judgment for the Appellee.
I. How It Came About And What Happened
The plaintiff-appellant, Triangle Publications (Triangle), is the publisher of “TV Guide,” a periodical containing television schedules and articles relating to television entertainment. The defendant-appellee, Knight-Ridder Newspapers (Knight-Ridder), publishes the Miami Herald Newspaper (the Herald). During the fall of 1977, Knight-Ridder began a campaign to promote a newly developed television booklet which was to be included as a supplement to the Sunday edition of the Herald. Like TV Guide, the booklet contains television schedules and articles related to that media. The supplement was introduced to the public on November 13, 1977, through a colored newspaper advertisement in the Miami Her-aid. See Appendix. The following week newspaper vending machine posters (known in the trade as rack cards) advertising the booklet were displayed throughout the southern part of Florida. Subsequently, four additional newspaper ads were introduced promoting the booklet, each displaying an actual-sized reproduction of a TV Guide cover next to an actual-sized reproduction of the cover of the Herald’s new TV supplement.2
In addition, the booklet was advertised in two thirty second television commercials. The first is based on the theme “Goldilocks and the Three Bears.” It compares the size of the Herald’s former television guide with the Herald’s new supplement and with TV Guide, concluding that the former supplement is too large, that TV Guide is too small, but that the new supplement is just the right size for human beings.3 While TV Guide is not mentioned by name, one of the actors in the commercial is shown briefly with a back-dated copy of TV Guide in hand. The cover of the TV Guide issue is clearly visible. The commercial was used for several weeks and was then discontinued. The second commercial is a monologue. After identifying TV Guide as the competing product, the announcer suggests that the Herald’s supplement is a better value for the money because the purchaser gets the entire newspaper, not merely a TV booklet.4 During the course of his state[1173]*1173ment, the announcer holds up a back-dated issue of TV Guide with the cover clearly visible. The announcer then puts down the TV Guide and holds up first a copy of the Herald’s supplement and then a copy of the Sunday edition of the Herald. This commercial was being used at the time of the District Court’s hearing and Knight-Ridder contemplated using it in the future.
The only conduct by the Herald being challenged here is the reproducing of TV Guide covers. The verbal reference to TV Guide made in the second commercial5 is not being attacked. Since each issue of TV Guide is individually copyrighted, and since magazine covers have in the past been afforded copyright protection, see, e.g., Conde Nast Publications, Inc. v. Vogue School of Fashion Modeling, Inc., 105 F.Supp. 325 (S.D.N.Y.1952), Triangle claims that the Herald’s showing of TV Guide covers violates § 106 of the new Copyright Act, 17 U.S.C.A. § 106 (1976).6 Triangle moved in the District Court for preliminary and permanent injunctions (and also sought damages).
The District Court found that the challenges to the five newspaper ads, the rack cards and the first television commercial were moot for purposes of a preliminary injunction, reasoning that none of these ads were then being used. Since all that was left was the second television commercial, the Court denied the motion for a preliminary injunction, pointing out that nearly all of the alleged harm had already occurred and that the likelihood of irreparable injury had therefore not been shown.
The Court also denied the motion for a permanent injunction. In so doing, the Court considered four issues. First, the Court considered whether the cover of a magazine is protected by the magazine’s copyright, holding that it is. Second, the Court found that the use of the cover was a “display” as defined by § 106(5) of the Act. Third, the Court held that the display was not protected by the defense of fair use. Fourth, the Court held, based on recent Supreme Court cases giving First Amendment protection to commercial speech,7 that the First Amendment place limits on the law of copyright and that the Herald’s display of TV Guide was constitutionally protected activity.
II. Fair Use
It is undisputed on this appeal that unless protected by fair use or the First Amendment, Knight-Ridder’s use of TV Guide covers constitutes as infringement under the copyright law.8 Accordingly, wé proceed [1174]*1174directly to the question of whether the defense of fair use justifies Knight-Ridder’s actions.
The question of fair use has been appropriately described as “the most troublesome in the whole law of copyright.” Dellar v. Samuel Goldwyn, Inc., 104 F.2d 661 (2d Cir. 1939). Although no definition of fair use that is workable in every case has ever evolved, a frequently quoted definition of fair use is “a privilege in others than the owner of a copyright to use the copyrighted material in a reasonable manner without his consent, notwithstanding the monopoly granted to the owner [by the copyright].” Rosemont Enterprises, Inc. v. Random House, Inc., 366 F.2d 303, 306 (2d Cir. 1966), cert. denied, 385 U.S. 1009, 87 S.Ct. 714, 17 L.Ed.2d 546 (1967), quoting Ball, The Law of Copyright and Literary Property, 260 (1944).
Fair use is “a 'rule of reason’ fashioned by Judges to balance the author’s right to compensation for his work, on the one hand, against the public’s interest in the widest possible dissemination of ideas and information, on the other.” Sobel, supra note 1, at 51, quoting Latman, Fair Use of Copyrighted Works 5 (Sen. Comm, on Judiciary Study No. 141960). The fair use doctrine frequently serves to eliminate potential conflicts between copyright and free speech. See Denicola, Copyright and Free Speech: Constitutional Limitations on the Protection of Expression, 67 Calif.L.Rev. 283, 299, 303-04 (1979) (hereafter cited as Denicola). The doctrine first appeared back in 1841 in Folsom v. Marsh, 9 F.Cas. 342 (C.C.D.Mass.1841), although the precise term “fair use” did not make its appearance until 28 years later in Lawrence v. Dana, 15 F.Cas. 26, 60 (C.C.D.Mass.1869). See generally Case Note, Copyright and the First Amendment — Triangle Publications, Inc. v. Knight-Ridder Newspapers, Inc., 445 F.Supp. 875 (S.D.Fla.1978), 1979 Wisc.L. Rev. 242, 246 & n.25 (hereafter referred to as Wisconsin Note). Since its beginnings, the doctrine of fair use has been refined, honed, and clarified in many Court decisions. However, the doctrine was not codified until the enactment of the 1976 Copyright Act.
In codifying the concept of fair use, Congress made clear that it in no way intended to depart from Court-created principles or to short-circuit further judicial development:
The bill endorses the purpose and general scope of the judicial doctrine of fair use, but there is no disposition to freeze the doctrine in the statute, especially during a period of rapid technological change. Beyond a very broad statutory explanation of what fair use is and some of the criteria applicable to it, the courts must be free to adapt the doctrine to particular situations on a case-by-case basis. Section 107 is intended to restate the present judicial doctrine of fair use, not to change, narrow, or enlarge it in any way.
H.R.No.94-1476, 94th Cong., 2d Sess. 66 (1976) (House Report), reprinted in [1976] U.S.Code Cong. & Admin.News, pp. 5659, 5680 (referred to as USCCA). See also Sen.Rep.No.473, 94th Cong., 1st Sess. 62 (1975) (Senate Report).
The 1976 Copyright Act instructs Courts to consider four factors — all gleaned from the case law9— in determining whether the defense of fair use applies:
In determining whether the use made of a work in any particular case is a fair use the factors to be considered shall include—
(1) the purpose and character of the use, including whether such use is of a commercial nature or is for nonprofit educational purposes;
(2) the nature of the copyrighted work;
[1175]*1175(3) the amount and substantiality of the portion used in relation to the copyrighted work as a whole; and
(4) the effect of the use upon the potential market for or value of the copyrighted work.
17 U.S.C.A. § 107. The statute does not indicate how much weight is to be accorded each factor,10 but since the statutory formulation is simply a restatement of the case law, it is appropriate to look to the cases for guidance. Our research indicates that of these four factors, Courts have generally placed most emphasis on the fourth factor, the effect of the use upon the potential market for or the value of the copyrighted work. See, e. g., Time, Inc. v. Bernard Geis Assocs., 293 F.Supp. 130 (S.D.N.Y.1968); 3 Nimmer on Copyright, § 13.05(b)(4), at 13-54 (1978) (indicating that the fourth factor is the most important and citing a host of cases).
In analyzing the fair use question, the District Court did not get beyond the first factor. The Court deemed it controlling that the use of the TV Guide covers by the Miami Herald was to obtain commercial advantage. The Court established what amounts to virtually a per se rule that commercial motive destroys the defense of fair use.
Clearly, § 107 makes commercial motive relevant to fair use analysis. But it is certainly not decisive. As the legislative history makes clear:
This amendment is not intended to be interpreted as any sort of not-for-profit limitation on educational uses of copyrighted works. It is an express recognition that, as under the present law, the commercial and non-profit character of an activity, while not conclusive with respect to fair use, can and should be weighed along with other factors in fair use decisions.
House Report, at 66; U.S.Code Cong. & Admin.News, at 5679. See also Senate Report, at 62; 3 Nimmer on Copyright, § 13.05[A], at 13-52 (1978) (stating that commercial use does not necessarily negate fair use defense and citing string of cases to support proposition).
We assume without deciding that a lower Court’s finding that there was or was not fair use is normally a finding of fact subject to the clearly erroneous rule of F.R.Civ.P. 52(a). E. g., Eisenschiml v. Fawcett Publications, Inc., 246 F.2d 598, 604 (7th Cir. 1957). However, this Circuit has repeatedly made clear that the clearly erroneous rule does not apply to findings made under an erroneous view of controlling legal principles. E. g., Rowe v. General Motors Corp., 457 F.2d 348, 356 n. 15 (5th Cir. 1972); United States v. Pickett’s Food Service, 360 F.2d 338, 341 (5th Cir. 1966); Ferran v. Fleming, 293 F.2d 568, 571 (5th Cir. 1961). We believe that in viewing commercial motive as conclusive on the question of fair use, the District Court incorrectly applied § 107. Accordingly, its finding of no fair use defense is not subject to a clearly erroneous standard. Rather, we are more free to determine the question of fair use.11
As § 107 makes clear, the first factor to consider in a fair use analysis is the purpose and character of the use. Here, Knight-Ridder used TV Guide covers for advertisements, and any commercial use tends to cut against a fair use defense.12 [1176]*1176On the other hand, the precise characteristics of the commercial use in this case caution against too much weight being given to the fact that the use is commercial. Specifically, there was no attempt to palm off Triangle’s product as that of the Herald’s. Compare Conde Nast Publications, Inc. v. Vogue School of Fashion Modeling, Inc., supra. Rather, the advertisement was a comparative advertisement done in a manner which is generally accepted in the advertising industry.13
The second factor specified in § 107 is the nature of the copyrighted work. One commentator has argued that because the copyrighted work — TV Guide — is itself commercial, the defense of fair use should more readily apply. See Wisconsin Note, supra, at 261. However, other commentators have argued that “courts have tended to be most receptive to unauthorized use of educational, scientific, and historical works.” Note, Copyright Infringement and the First Amendment, 79 Colum.L.Rev. 320, 326 n.42 (hereafter referred to as Columbia Note), citing Eisenschiml v. Fawcett Publications, supra. In our view, the fact that TV Guide is a commercial publication neither supports nor hurts Knight-Ridder’s claim that a fair use defense is appropriate here.14
[1177]*1177The third factor to consider under § 107 is the amount and substantiality of the portion used in relation to the copyrighted work as a whole. Here, Knight-Ridder did not copy what is the essence of TV Guide— the television schedules and articles. It simply reproduced covers of old TV Guide issues. We do not mean to trivialize the covers of TV Guide, but simply emphasize that this factor would have been entitled to more weight had, for example, some of the contents been used.15
The fourth factor to analyze under § 107 —the factor which is widely accepted to be the most important, see, p. 1322, is the effect of the use upon the potential market for, or the value of, the copyrighted work. We are simply unable to find any effect— other than possibly de minimus — on the commercial value of the copyright. To be sure, the Herald’s advertisements may have had the effect of drawing customers away from TV Guide. But this results from the nature of advertising itself and in no way stems from the fact that TV Guide covers were used. Indeed, assuming that TV Guide covers offer positive artistic enjoyment, the reproduction of these covers in the Herald’s ads may have shown why TV Guide is a better product than the Herald’s guide and may have decreased the effectiveness of the ads. At no point has Triangle offered a cogent explanation of the logical link between the showing of TV Guide covers and the alleged harm to the copyright.16 We cannot see it. And interestingly enough, neither can the commentators. The District Court’s opinion has been the subject of several law review discussions. Nearly every commentator agrees that the harm suffered by TV Guide was at most de minimus and that the District Court erred in rejecting the fair use defense. For example, Professor Robert Denicola, in his recent law review article, states:
The plaintiff suffered absolutely no economic injury whatever from the alleged infringement of its copyright. If the plaintiff loses a significant share of its present market, that would result not from the display of plaintiff’s cover in defendant’s advertising but from commercial competition with a work that does not in any way make use of plaintiff’s copyrighted material. The alleged [1178]*1178infringement itself causes no injury to the plaintiff because it does not in any manner substitute for the plaintiff’s product. It is difficult to believe that anyone purchases the magazine simply to ponder the cover — the only part reproduced by the defendant. Any harm suffered by the plaintiff results from competition with an independently created work rather than from exploitation of plaintiff’s own copyrighted material.
Denicola, supra, at 305-06. Similarly, the Columbia Note explains:
The use in question was at most an “incidental one,” and hence encompassed within the fair use doctrine. The fact that the parties were in competition with each other is irrelevant, since the use of the magazine cover — even if it were plaintiff’s entire work — could not serve as a substitute for plaintiff’s product. Thus, there was no economic detriment to the plaintiff, and defendant’s fair use defense should have prevailed. (Footnotes omitted).
Columbia Note, supra at 327-28. And the Wisconsin Note observes:
[T]he court failed to discuss the fourth factor — the effect of the use upon the potential market for or value of the copyrighted work — in the fair use context. While it is true that defendant’s purpose in creating and marketing a television supplement was to reap economic benefit by capturing part of the market held by TV Guide, defendant’s use had no appreciable deleterious effect upon the potential demand for the issues shown, since the programming schedules were out-of-date. In addition, the display of only the cover could have only slightly decreased the value of the articles in the dated issues, if at all. (Footnotes omitted).
Wisconsin Note, supra at 262.
Applying the four factors specified in § 107 — and giving heavy emphasis to the fourth factor — we conclude that the fair use defense applies in this case and that the District Court erred in holding that it did not. We simply cannot see how Triangle was harmed by the Herald’s advertisements. Moreover, the public as well as the Herald benefits from comparative advertising, thus minimizing the importance of the fact that a commercial use was involved.
III. First Amendment
Thus far the Court is unanimous. The majority concludes that we need not, and should not, reach the First Amendment issue.17
IV. Conclusion
We affirm the decision of the District Court denying Triangle’s motions for preliminary and permanent injunctions. However, we do so on the basis of fair use, not on the basis of the First Amendment which we do not reach.
AFFIRMED.