Since 2018 Cumulus has been seeking approval from the FCC to allow foreign investment in the company up to 100%. FCC rules prohibit more than 25% foreign investment. On Friday The Commission approved Cumulus’ request.
The Commission stated that “we find that the public interest would not be served by prohibiting foreign ownership of Cumulus in excess of the 25 percent benchmark.”
The petition to the FCC was unopposed.
The FCC stated that the Petition is likely to: “enable Cumulus to be in a stronger financial condition post-bankruptcy and provide the company greater flexibility to access foreign investment capital, thereby allowing Cumulus to better compete with other media companies, enhance its programming, and better serve the public interest, facilitate foreign investment in the U.S. broadcast radio market and potentially encourage reciprocal investment opportunities for U.S. companies in foreign markets.”
Read the FCC ruling HERE.