Cumulus Media has petitioned the FCC to allow up to 100 percent foreign investment in the company.

Cumulus states in the petition that it “believes that elimination of the overall limitation on foreign ownership of its shares will, inter alia, enhance the market liquidity of its stock and provide the Company with the greatest degree of flexibility in accessing foreign investment capital.” If granted, special warrants agreed to as part of Cumulus’ bankruptcy restructuring last year would be triggered increasing foreign ownership of Cumulus to 31 percent equity and 34 percent on a voting basis.

Those special warrants were put in place to allow Cumulus to accelerate its emergence from bankruptcy restructuring. At the time of its emergence the company’s voting and equity stakes were 22.5% held by foreign interests with no single entity holding more than five percent.

Comments to the petition are due by June 20th and replies by July 8th.