As global capital plays a growing role in domestic broadcast media ownership, the FCC has officially opened the public comment window on its proposed foreign ownership rules for US broadcasters, which are currently applied and reviewed on a case-by-case basis.
The proposal, first advanced unanimously by the Commission in April, seeks to codify longstanding but often inconsistently applied restrictions under Section 310(b) of the Communications Act, which limits foreign investment in US broadcast and common carrier licensees. Publication of the Notice of Proposed Rulemaking in the Federal Register on June 23 now sets a July 23 deadline for public comments, with reply comments due August 22.
For broadcasters, the stakes are substantial.
In recent years, multiple ownership transactions like those with iHeartMedia, Cumulus, and Spanish Broadcasting System have exposed gaps in the current review process, which has no unified rulebook guiding applicants. The proposed rulemaking would formalize that process, potentially offering clearer pathways for foreign investment while preserving national security and law enforcement oversight.
“The proceeding is ultimately about regulatory certainty and efficiency, while continuing to uphold national security protections,” said FCC Chairman Brendan Carr when introducing the rulemaking this spring. Democratic Commissioner Anna Gomez added that codifying the rules could reduce burdens while maintaining public interest safeguards.
For radio groups exploring future M&A activity, particularly those with public equity exposure or international partnerships as deregulation appears highly possible shortly, the final outcome of this proceeding could have long-lasting consequences for transaction structures, financing options, and capital access.
The proceeding is listed under GN Docket No. 25-149 and is being overseen by the FCC’s Office of International Affairs.
