FCC Okays iHM Foreign Ownership Request With Conditions

UPDATED 11:30 AM 12/23/21 AND REVISED: Because of an editing error the original posting today, referenced action dating back to March 2021.  We regret the error.   The story has been updated:

The FCC has granted an iHeartMedis remedial petition filed in March 2021. The petition requested
specific approval for the 6.8% equity and 8% voting interests in iHeart held by GMEI, a private limited company organized under the laws of the Bahamas, and related foreign entities and individuals. The petition also sought advance approval for GMEI and the GMEI Reporting Persons to increase their equity and voting interests in iHeart up to a non-controlling amount not to exceed 14.99%.The Commission found that it will serve the public interest to grant the petition, subject to the speified conditions.

The conditions include, but are not limited to: 

• Suspend all voting rights associated with any stock held in the Company, directly and/or indirectly, by the GMEI Investors, until and unless the FCC releases a declaratory ruling granting specific approval for each of the GMEI Investors to hold, directly and/or indirectly, more than 5% of the equity and/or voting interests in the company.
• Direct that the Company will not to allow any GMEI Investor to do any of the following, until and unless the FCC releases a declaratory ruling granting specific approval for each of the GMEI Investors to hold, directly and/or indirectly, more than 5% of the equity and/or voting interests in the company.
• Determine not to permit any employee, agent or affiliate of the GMEI Investors to be an officer, director, employee or consultant of the Company (including subsidiaries and affiliates of the Company) until and unless the FCC releases a declaratory ruling granting specific approval or each of the GMEI Investors to hold, directly and/or indirectly, more than 5% of the equity and/or voting interests in the company.