Streamlined Review Of Foreign Ownership To Be Considered At FCC October Open Meeting

Meeting

The FCC's OCTOBER 22nd open meeting agenda includes consideration of "a Notice of Proposed Rulemaking that would streamline the foreign ownership review process for broadcast licensees and applicants, and standardize the review process for broadcast, common carrier and aeronautical licensees and applicants."

The proposal comes after a ruling that PANDORA MEDIA's purchase of Hot AC KXMZ (HITS 102.7)/BOX ELDER-RAPID CITY, SD from CONNOISSEUR MEDIA for $600,000 satisfied ownership rules on foreign ownership despite its stock being widely held by companies which may or may not have foreign interests involved, as long as it obtains prior FCC approval for aggregate foreign equity and/or foreign voting interests exceeding 49.99%, or any change in the PANDORA board that would give foreign members a majority, or any individual foreign investor or group acquiring a greater than 5% voting or equity interest (or 10% for certain institutional investors) in the company.

In addition, the FCC's Media Bureau has issued a reminder that all commercial broadcast licensees need to file their 2015 biennial ownership reports by DECEMBER 2nd.  Filings must include information reflecting ownership interests existing as of OCTOBER 1st and must be submitted online through the FCC’s CDBS database.

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