The Federal Communications Commission allows Pandora Media Inc to exceed foreign ownership cap in US broadcaster subject to conditions.
04 May 2015
On 4 May 2015 the United States Federal Communications Commission (FCC) issued a declaratory ruling granting Pandora Media Inc a foreign ownership waiver in a US Broadcaster as it prepares to buy KXMZ FM radio station. Under domestic law, no broadcast licence is to be granted to any corporation if foreign ownership exceeds the 25% cap, except if it is in the public interest. The FCC has ruled that the public interest will be served if Pandora Media Inc satisfies the following conditions: 1) Aggregate foreign ownership in Pandora does not exceed 49.99% 2) Pandora's board of directors does not become mostly foreign and 3) Individual foreign investors do not acquire more than 5% of equity interest in Pandora.
Nature of measure:
Type:
-
Entry and establishment (Ownership and control)
Industry:
-
Services (Publishing, audiovisual and broadcasting activities)
Inward FDI:
No
Outward FDI:
No
Sources:
