In May 2019, a reconstituted post-bankruptcy Cumulus Media sought the FCC’s approval to allow non-U.S. persons or entities to hold up to 100% of its voting stock and capital stock
generally in the future.
On Friday, the Commission said yes.
In doing so, it granted a petition for declaratory ruling under Section 310(b)(4) of the Act, formally entered as MB Docket No. 19-143.
While the petition was filed in connection with its joint reorganization, and emergence from Chapter 11 bankruptcy protection, the request for greater foreign ownership in Cumulus dates to July 19, 2018. Going beyond the 25% foreign ownership limitations of the Commission was sought, with 100% control by a non-U.S. citizen or business requested.
Cumulus’ petition was unopposed, and Audio Division Chief Al Shuldiner believes granting the request is in the public interest.
Further, Shuldiner believes the capability of achieving 100% foreign ownership will allow Cumulus “to be in a stronger financial condition post-bankruptcy and provide the company greater flexibility to access foreign investment capital, thereby allowing Cumulus to better compete with other media companies, enhance its programming, and better serve the public interest, facilitate foreign investment in the U.S. broadcast radio market and potentially encourage reciprocal investment opportunities for U.S. companies in foreign markets.”