FCC Grants Cumulus Petition Exceeding Foreign Ownership Cap

RADIO ONLINE | Friday, May 29, 2020

Cumulus Media

The FCC has granted a Petition for Declaratory Ruling filed on July 19, 2018 to Cumulus Media asking the ageny to exercise its discretion to permit the company to exceed the 25 percent foreign ownership benchmark. Specifically, the Petition requested approval to permit up to and including a sum total 100 percent direct and/or indirect foreign investment (voting and equity) in the company. The Petition, which is unopposed, was filed on behalf of itself and each of its direct and indirect subsidiaries which hold broadcast licenses.

The Commission found that it will serve the public interest to grant the Petition, and the ruling is subject to the terms and conditions set forth in section 1.5004 of the Commission's rules, including the requirement to obtain approval before foreign ownership of Cumulus exceeds the terms and conditions of this ruling. Cumulus must also obtain specific approval for any foreign individual, entity, or group of such individuals or entities that holds, or would hold, directly and/or indirectly, more than five percent (or more than 10 percent for certain institutional investors) of the equity and/or voting interests, or a controlling interest, in the company.

Cumulus owns and operates nearly 450 full power radio broadcast stations, together with translator and booster stations and other ancillary facilities licensed by the Commission, in 90 markets. Cumulus also owns Westwood One, a producer and syndicator of radio content.