The FCC’s Media Bureau has approved iHeartMedia’s request to update its foreign ownership structure, authorizing new foreign investors and entities to hold indirect stakes in the company while keeping overall foreign ownership limits unchanged.
In a Declaratory Ruling released Tuesday, July 7, the Bureau granted iHeart’s petition under Section 310(b)(4) of the Communications Act. The decision reaffirms the broadcaster’s ability to maintain up to 100% aggregate foreign ownership. It specifically allows the transfer of holdings from existing investor Global Media & Entertainment Investments Ltd. (GMEI) to its related U.K.-based entity, Global Media Investments Limited (GMI), and approves additional foreign executives and entities tied to the group.
The restructuring does not increase iHeart’s total foreign ownership or exceed previously approved limits.
The Bureau determined the changes serve the public interest by giving iHeart greater flexibility to access foreign capital and compete in the media market. Officials found no new national security or law enforcement issues beyond those already reviewed.
Key Approvals
- GMI and related foreign parties are authorized to hold more than 5% interest and may increase to a non-controlling 14.99% combined stake.
- The PIMCO investment group’s existing approvals are reaffirmed, permitting up to 32.99% of equity and 19.99% of voting interests.
- iHeart remains bound by its 2020 Letter of Agreement with the U.S. Department of Justice on national security and reporting obligations.
- The company must continue monitoring foreign ownership and seek further FCC approval if any new foreign investor exceeds regulatory thresholds.
No opposing comments were filed during the public comment period. The ruling took effect immediately upon release.