FCC Approves iHeartMedia Assignment, Transfer Applications
|RADIO ONLINE | Wednesday, April 24, 2019|
The FCC's Media Bureau has approved the assignment and transfer of control applications filed by wholly-owned subsidiaries of iHeartMedia, Debtor-in-Possession, ruling that the moves will serve the public interest. The Assignment Applications and one Transfer Application requested Commission consent to implement the Joint Plan of Reorganization of iHeartMedia and its Debtor Affiliates following Chapter 11 reorganization in which iHeartMedia and certain of its direct and indirect subsidiaries will emerge from bankruptcy as reorganized entities.
The approval is based on several conditions, which include the divestitures of KSNR-FM/Fisher, MN and WHFX-FM/Darien, GA to the Sun and Snow Station Trust to be sold to an unrelated third party within two years after its acquisition of the assets. The trust must submit to the FCC, every six months after its acquisition of the two stations, a report describing the efforts to market those assets to third parties.
iHeartMedia also has pending before the Commission a number of applications for new FM translator stations filed in Auction 100,15 including five that remain mutually exclusive with other applicants. The rules provide that an auction applicant that undertakes a major change -- including a change of ownership that would constitute an assignment or transfer of control -- after the short-form application deadline will be disqualified from participating in bidding. Since these applications remain pending after the transaction is approved and consummated, they're subject to dismissal.