IHeart Opposes Investor's Foreign Ownership Request
IHeartMedia opposes an investor's foreign ownership request, said a reply posted in docket 21-141 Tuesday. The radio group had filed a remedial petition seeking permission for foreign ownership of up to 9.99% (see 2103290057), prompted by an investment by Global…
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Media & Entertainment Investments that “rendered iHeart non-compliant with the terms of its 2020 Declaratory Ruling and the FCC’s foreign ownership rules.” GMEI subsequently filed comments requesting the FCC instead allow the company -- controlled by U.K. citizens -- to own up to 49.99% equity and voting interest. “GMEI impermissibly seeks to substantially expand iHeart’s request for advance approval,” said iHeart. The radio broadcaster now seeks to amend its initial request to allow it to be up to 14.99% foreign owned. Foreign ownership rules require the licensee to request FCC permission, iHeart said: Granting GMEI’s request "would be tantamount to a grant of a standalone petition filed by an investor.”