The FCC has granted iHeartMedia’s petition to allow Global Media & Entertainment Investments Ltd to increase their stake in the company up to 6.8% equity and 8.0% voting interests and pre-approval up to 14.99 percent.
Global had been seeking to acquire up to 49.99% of iHeartMedia, but told the FCC on November 3 that it was withdrawing its request and now supported iHeart’s 14.99 percent limit. Led by Michael Tabor, Global Media & Entertainment Investments Ltd is held separately from their Global Media & Entertainment Ltd, which operates the largest radio group in the UK.
In 2020, iHeartMedia gained FCC approval for foreign ownership above the 25% limit with approval for PIMCO Group to hold up to 32.99% equity/19.99% voting interests and Invesco Group to hold 19.99% equity and voting interests. iHeartMedia will still need to obtain FCC approval for any new or additional foreign entities to exceed 5% of the equity or voting interests in the company.
This story first appeared on radioinsight.com