Cumulus Petitions FCC For Up To 100% Foreign Ownership

Cumulus Media 2018 Mary BernerCumulus 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.

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  1. Beachguy says

    This is nuts. Deny deny deny.

  2. fredstiening says

    Carlos Slim could buy up Cumulus media with pocket change.

  3. Nathan Obral says

    Cumulus needs as much liquidity as they can get. It’s also legal to do now. Not sure how something within the letter of the law can be denied.

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