Cumulus Seeks to Be Up to 100% Foreign Owned; Comments Due June 20
Comments on a Cumulus petition for a declaratory ruling that would allow it to be up to 100 percent foreign owned are due June 20, replies July 8, said a public notice in Tuesday’s FCC Daily Digest. Cumulus wants to…
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allow holders of warrants and nonvoting stock to “convert or exercise these instruments in exchange for voting stock” and after that exchange, the company's foreign ownership would be at 34 percent, the PN said. Though that’s less than what Cumulus is requesting, the broadcaster “believes that elimination of the overall limitation on foreign ownership of its shares will, inter alia, enhance the market liquidity of its stock,” the PN said.