Pandora To Monitor Stock To Comply With FCC Foreign Ownership Declaratory Ruling
Pandora told the FCC it will take several steps to comply with last week's foreign ownership declaratory ruling (see 1505040065 and 1505050049) requiring the streaming music company to say what it will do to monitor investments so foreign ownership doesn't…
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exceed 49.9 percent. Pandora said it will seek to qualify its shares in a Depository Trust Co. program so foreign-owned stock goes into a segregated account, monitor stock held by current and former directors and officers, monitor SEC filings and ask some shareholders to fill out a citizenship questionnaire. The board "will promptly amend Pandora’s bylaws to give Pandora the authority" to monitor ownership, the company said Friday. It filed an amendment to its application to buy KXMZ(FM), Box Elder, South Dakota, a deal related to which Pandora sought the declaratory ruling. Many of the steps Pandora said it will take were suggested in the declaratory ruling.