FCC Approves iHeartMedia's Request For Permission To Exceed Foreign Ownership Cap

Foreign Ownership Okayed

The FCC has approved iHEARTMEDIA's request for a declaratory ruling that the company can, at its discretion, exceed the 25% cap on foreign investment. The ruling is similar to requests granted to other companies, including CUMULUS and UNIVISION.

iHEART requested the relief as part of its emergence from bankruptcy, in which the company issued warrants to foreign investors who could possibly exercise the warrants and end up with about 63.9% of its equity in foreign investors' hands with voting interests of about 70.5%. Specific approval was sought and obtained for PIMCO GROUP (Irish and German ownership) for 32.99% equity/19.99% voting interest and INVESCO GROUP (various funds, including a BERMUDA limited company and a U.K. company, with iHEART asking for each to be allowed to hold up to 19.99% voting interest).

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