FCC Grants iHeartMedia's Petition For 'Limited' Global Media & Entertainment Ownership Stake

Petition Granted By FCC

The FCC has granted iHEARTMEDIA’s petition to allow GLOBAL MEDIA & ENTERTAINMENT INVESTMENTS LTD to increase its stake in the company up to 6.8% equity and 8.0% voting interests and pre-approval up to 14.99 percent.

GLOBAL MEDIA & ENTERTAINMENT was seeking to acquire up to 49.99% of iHEARTMEDIA, but told the FCC on NOVEMBER 3rd that it now supports iHEARTMEDIA’s 14.99 percent limit. 

In 2020, iHEARTMEDIA gained FCC approval for foreign ownership above the 25% limit with approval for PIMCO GROUP to hold up to 32.99% equity/19.99% voting interests, and INVESCO GROUP to hold 19.99% equity and voting interests. 

iHEARTMEDIA will still need to obtain FCC approval for any new or additional foreign entities to exceed 5% of the equity or voting interests in the company.

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