Media Bureau Grants Cumulus Foreign Ownership Request
The FCC Media Bureau granted Cumulus’ petition to be up to 100 percent foreign owned (see 2002210054), said a declaratory ruling Friday. Cumulus sought permission to allow holders of warrants and nonvoting stock to “convert or exercise these instruments in…
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exchange for voting stock,” leaving the company's foreign ownership at 34 percent. The radio broadcaster sought permission for up to 100 percent foreign ownership, contending that flexibility will increase the value of the company's shares. MB approved the request because it will put Cumulus in better financial condition post-bankruptcy and encourage foreign investment in the radio industry.