Spanish Broadcasting System, the owner of the Mega TV operation and a host of Spanish-language radio stations across the U.S., wants FCC approval to exceed the foreign ownership benchmark.
Through attorney Meredith Senter of D.C. communications practice Lerman Senter PLLC, a Petition for Declaratory Ruling was filed on behalf of SBS on Dec. 4, 2017.
RBR reports Media Bureau Chief Michelle Carey has now spoken. SBS needs to say more for her to issue a decision. So do dissident shareholders, who may include foreign owners SBS had been unaware of until being sued by them.
310(b)(4) of the Communications Act of 1934.
Specifically, SBS claims that it learned that it could be out of compliance with the Commission’s foreign ownership rules after it was served with a lawsuit filed in the Delaware Chancery Court by certain holders of its Series B Cumulative Exchangeable Redeemable Preferred Stock — dissident shareholders.
SBS on Dec. 4 files a remedial PDR, seeking permission to exceed foreign ownership limits. Specifically, it wanted the Media Bureau to find that its remedial action suspending the rights of the Series B Shareholders and exchanging their shares for Foreign Share Certificates had brought it into compliance with the Act.
On Dec. 29, 2017, the Commission received a letter filed on behalf of the dissident shareholders asserting their right and intent to participate in this proceeding; SBS asserts that prior to being sued, it did not know the identity of the dissident shareholders.
“The PDR does not provide enough information for us to proceed with a comprehensive review or to address SBS’s prayer for relief,” Carey said.
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