In its November meeting, the FCC said it will consider opening up local radio and TV stations in the US to more foreign investment.
Acting FCC chairwoman Mignon Clyburn said in a statement, “Today, I circulated a declaratory ruling that clears the way for increased access to capital and potential new investors for the broadcast sector. Approval of this item will clarify the Commission’s intention to review, on a case-by-case basis, proposed transactions that would exceed the 25 percent benchmark that restricts foreign ownership in companies holding broadcast licenses.”
According to the Minority Media & Telecom Council, the proposal would help minority broadcasters. “Relaxation of the rules would provide new sources of capital for all broadcasters and, especially, minority broadcasters to grow their operations in this country.” The council also said it believes the move would open up American investment in foreign countries.
Commissioner Ajit Pai said he thinks the proposal modernizes “the agency’s approach to foreign investment in the broadcasting business.” Pai added, “Under our rules, a foreign company can indirectly hold more than a one-quarter stake in our nation’s largest wireless carriers, cable operators, cable programmers, and Internet backbone providers. Yet that company cannot own a similar interest in a single radio station in rural Kansas.”