The Federal Communications Commission has approved Connoisseur Media’s request to significantly expand its ability to accept foreign investment, clearing the way for the broadcaster to exceed the Communications Act’s 25% foreign ownership benchmark.
“We find that it will serve the public interest,” the FCC’s Media Bureau says in a nine-page declaratory ruling.
The move gives Connoisseur Media permission for up to 100% aggregate indirect foreign ownership, along with specific approval for two Cayman Islands investment entities and the company’s chief financial officer, Oliver Price, a U.K. citizen, to hold indirect interests in the company. The Bureau also granted advance approval allowing the two Cayman investment funds to increase their non-controlling interests to as much as 20% each in the future.
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