iHeartMedia has asked the FCC to approve changes to its foreign ownership structure that would allow new people and companies tied to one of its current overseas investors, Global Media & Entertainment Investments Ltd., to hold ownership stakes.
GMEI, controlled by UK citizen Michael Tabor through a Bahamas-based trust, already holds a significant stake in iHeart. Now, GMEI wants to transfer some or all of its stake to a related company, Global Media Investments Limited, which is also controlled by Tabor. His son, Ashley Tabor-King, who leads Global and GMI, is expected to play a larger role in managing the investment.
iHeart is asking the FCC to approve several individuals and companies connected to GMEI and GMI to hold more than 5% ownership in iHeart, and to allow them to increase their combined stakes up to 14.99%.
The FCC first approved iHeart’s foreign ownership in 2020, with a follow-up ruling in 2021 clearing GMEI’s initial involvement. iHeart says the latest changes are small and would keep Michael Tabor as the ultimate owner, while giving the company more flexibility for future management.
iHeart argues the move is in the public interest, saying it allows access to more investment and keeps partnerships with countries that are US allies. The FCC has agreed not to send the request to national security agencies for review, with the Department of Justice saying no further review is needed.
That last sentence may cause a sigh of relief from some larger radio groups, which were concerned over growing foreign ownership scrutiny in recent months. In April, Chairman Brendan Carr signaled a renewed interest in formally codifying the FCC’s foreign ownership rules, which he described as long overdue for clarification, as the “whos” behind US broadcasters come under increasingly intense scrutiny in DC.
They are trying to get their brands to the radio. Tbh a lot of iHeartMedias CHR stations for example aren’t doing well in the ratings and many of their stations tend to struggle. There are people who don’t like their stations due to bad mixes in their opinion (aka Best of the 80s weekends may be too much 80s on every weekend for them believing it is odd to mix in those songs with the chill ones) as well as long as breaks (which makes sense) and repetitive songs on CHR radio (which makes sense for those stations).
What no stupid American wants to buy any of your shitty radio stations so you’re gonna go try abroad. Good luck, fools.
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