MB OKs Terrier Foreign Ownership Request, Rules Apollo has de Facto Control
The FCC Media Bureau granted requests by Terrier Media and Apollo Global Management to be allowed to have foreign ownership, said a declaratory ruling issued Friday alongside approval of Terrier’s deal for Cox and Northwest’s broadcast stations (see 1911220069). Apollo…
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doesn’t own Terrier, but it sponsored the Cox and Northwest having assets combined into Terrier and the three individuals who control Terrier are all employees or officers of the hedge fund. “Upon review of the record and of the relationships between AGM and Terrier Media, and relying on our rules, the [Communications] Act, and precedent, we conclude that under the facts presented in this case, Terrier Media will be under de facto control of AGM,” MB said. Terrier sought permission to be up to 100 percent foreign owned, and asked for an FCC OK for up to 50 percent of Apollo to be owned by a company based in the Cayman Islands but controlled by U.S. citizens. Terrier’s requests were unopposed, said the ruling in Monday's Daily Digest.