Team Telecom Withdraws Hold on Cumulus Foreign Ownership Request
DOJ, the Department of Homeland Security and DOD have given the nod to Cumulus’ petition to be up to 100 percent foreign owned (see 1905210074), said a letter posted in docket 19-143 Friday. “The Agencies hereby notify the Commission that…
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they have no objection to the application.” Cumulus wants to allow holders of warrants and nonvoting stock to “convert or exercise these instruments in exchange for voting stock” and after that exchange, the company's foreign ownership would be at 34 percent, Cumulus said. The radio broadcaster is seeking permission to be up to 100 percent foreign owned because it believes that will increase the value of the company's shares, Cumulus has said.