Media Bureau Needs More Information for SBS Foreign Ownership Ruling
The FCC Media Bureau needs more information to rule on Spanish Broadcasting System’s request for remedial permission to exceed the 25 percent foreign ownership benchmark, said a letter. SBS learned its foreign ownership percentage may have changed after some of…
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the company’s shareholders served it with a lawsuit, the letter said. SBS then filed a petition for a declaratory ruling allowing it to temporarily exceed the foreign ownership benchmark. The company didn’t know the identities of the shareholders involved until they filed the complaint, the letter said. SBS hasn’t established that the shareholders are foreign shareholders, and the investors agreed to cooperate with determining the company’s level of foreign ownership, the bureau said. SBS should amend the petition with that information before the agency can act on it, staff said. If the shareholders or broadcaster doesn’t cooperate, the agency reserves the right to classify all the shareholders in question as aliens for the purpose of foreign ownership review.