The nation’s No. 1 owner of radio stations in July 2019 filed a Petition for Declaratory Ruling with the FCC stating that exceeding the 25% benchmark for foreign investment would serve the public interest.
Specifically, iHeartMedia is seeking Commission approval for foreign investors to own up to 100% of the company’s equity and voting interests. It also wants “specific approval” for “certain foreign investors that seek to directly or indirectly hold more than 10% of the company’s equity, and/or hold equity interests that will cause them to be deemed to hold more than 10% of iHeart’s voting rights.”
Now, the FCC has set a pleading cycle, allowing the public to say whether or not what iHeart wants is really in the public’s interest.