Media Bureau Approves Hemisphere Media Foreign Ownership Request
The FCC Media Bureau granted Hemisphere Media Group's request for a declaratory ruling allowing Hemisphere to be foreign owned up to 49.99 percent, the bureau said in a declaratory ruling released Wednesday. “The public interest would be served by permitting…
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foreign ownership in excess of the 25 percent benchmark.” Hemisphere asked the commission to give permission for Mexico-based Cinéma Aeropuerto and its foreign-owned parent companies to own up 49.99 percent. Aeropuerto already owned 7 percent, and one of Aeropuerto's parent companies is partially controlled by a trust committee that has one member in common with Hemisphere's board, the ruling said. Allowing foreign investment in the media company could lead to reciprocity for U.S broadcasters from Latin America, Hemisphere and the bureau said.