The Media Bureau has said yes to a media company’s Petition for Declaratory Ruling seeking FCC approval to exceed the foreign ownership benchmark.
It’s a victory for a Burbank, Calif.-based entity focused on Hispanic consumers reborn one year ago, when it exited bankruptcy, changed its name, and said goodbye to its founders.
In November 2019, while still Liberman Broadcasting, Estrella Media filed a Petition for Declaratory Ruling seeking FCC approval to exercise its discretion to allow the company to exceed the 25% benchmark for investment set out in section 310(b)(4) of the Communications Act of 1934.
The Petition also saw Estrella request specific approval of certain entities and individuals.
Estrella’s Petition was placed on public comment on December 20, 2019, with comments due January 21, 2020, and replies due on February 5, 2020.
Much has changed since then, with Lenard Liberman and any ties to the former LBI Media and Liberman Broadcasting erased under the current leadership team.
When all was said and done and upon consideration of the record — and pursuant to
section 310(b)(4) of the Act, as well as the Commission’s foreign ownership rules and policies — the Media Bureau finds that the public interest would not be served by prohibiting the foreign ownership that would be held in Estrella.
As such, Aiguilles Rouges Sector F Investment Fund, L.P., a Canadian limited partnership, will hold a 22.79% indirect equity interest and a 22.79% deemed held voting interest in
Estrella. Aiguilles has one general partner, Highbridge GP III, Ltd., a Cayman Islands corporation.
