On May 7, Spanish Broadcasting System (SBS) filed a voluntary Notice of Withdrawal with the FCC’s Media Bureau in reference to its December 4, 2017 Petition for Declaratory Ruling regarding the Commission’s foreign ownership limits.
Why? SBS said the ruling is no longer necessary based on its own determination that provisions in its corporate charter operated to remedy any possible violation.
Preferred shareholders who are in a long-running battle with the Miami-based Hispanic media company asked the Commission to decline SBS’s request, noting that it relates to ongoing litigation in a Delaware Chancery Court between the two parties.
What, then, did Media Bureau Chief Michelle Carey declare?