The FCC has approved Cumulus Media’s request to allow up to 100% foreign ownership of the company. Cumulus filed last May 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.” Special warrants were agreed to in Cumulus’ 2018 bankruptcy restructuring that would increase foreign ownership of Cumulus from behind the permitted 25% to 31 percent equity and 34 percent on a voting basis.

In the decision, the FCC stated, “pursuant to the procedures adopted in the 2016 Foreign Ownership Order, we find that the public interest would not be served by prohibiting foreign ownership of Cumulus, the owner of nearly 450 radio broadcast station licenses, in excess of the 25 percent benchmark set forth in section 310(b)(4) of the Act.”

The FCC has issued an $8,000 civil penalty to BAS Broadcasting in a consent decree to settle an investigation into an unauthorized transfer of control of Oldies 1600 WTTF/93.3 W227BJ Tiffin OH. BAS began operating the stations in April 2014 via LMA following the acquisition of the stations by Tiffin Broadcasting II. BAS then agreed to purchase the station in January 2015 for $608,000, which was completed on 12/31/2019 for tax purposes. However the sale was not filed with the FCC until this past April with the parties claiming they mistakenly believed that the ownership change would be implemented through the process of filing their license renewal applications.