SBS Seeks FCC OK in Litigation Settlement for More Foreign Ownership
Spanish Broadcasting System asked the FCC to approve a stock sale that would let the company settle ongoing litigation but put it over the foreign-ownership cap. In a petition Monday, SBS said it has total foreign equity interests of 11.33%…
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now, and the settlement would give more non-U.S. entities new shares of SBS Class A common stock, along with cash. That would increase "total equity ownership by non-U.S. persons to a percentage close to or exceeding the 25% foreign-ownership benchmark," it said.