SBS Not Fighting Shareholders on Foreign Ownership Petition Abeyance
Spanish Broadcasting System isn't fighting shareholders asking the FCC to hold an SBS petition for declaratory ruling in abeyance. In the 2017 petition, SBS sought a ruling that it's within the 25 percent foreign ownership benchmark or that any temporary…
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exceeding of the benchmark is in the public interest. The shareholders, in a letter earlier this month, said even if there were a foreign ownership issue with the company, it could be addressed through a petition for declaratory ruling. The broadcaster said in a filing posted Tuesday it disagrees with most of the shareholder assertions, but the investors will either accept the company's interpretations and the petition will be moot or they will sue and a court will decide whether the shareholders' attempted buys of Series B preferred stock were void.