Alpha Media has filed a petition with the FCC seeking approval for up to 100% foreign equity ownership and specific investors to own above 5% equity and voting stakes in the company.
A thirty day comment period is being opened through February 6 regarding the petition, which Alpha states is an outgrowth from its July 2021 exit from chapter 11 bankruptcy protection. The current equity ownership includes MetLife Private Equity Holdings holding 41.7% of the company, Florida Growth Fund LLC holding 27.4%, Hamilton Lane Strategic Opportunities 2016 Fund LP owning 21.6%, and the Cayman Islands based ICG North America Holdings Ltd. holding 5.7%.
Alpha states that a “substantial majority of the New Alpha Warrants will be exercised for New Equity Interests that would cause (a) New Alpha’s aggregate foreign ownership to exceed 25 percent and (b) certain foreign Owners to hold equity and/or voting interests in New Alpha that would require specific approval,” with foreign ownership of more than 70% on both an equity and voting basis seeking authorization for up to 100% aggregate foreign voting and equity investment in order to permit flexibility for New Alpha to take on additional foreign ownership in the future.
After exercising outstanding warrants for converting debt to equity, Alpha states that the following groups will hold direct attributable interests in the company: MetLife Private Equity Holdings (23.6% equity; 25% voting), Florida Growth Fund LLC (7.9% equity; 8.3% voting), Hamilton Lane Strategic Opportunities 2016 Fund LP (7.9% equity; 8.3% voting), ICG North America Holdings Ltd. (39.1% equity; 41.4% voting), and the British Virgin Islands based BigSur Capital Partners Three Corp. (6.3% equity; 6.7% voting). In addition to ICGNA and BigSur, Alpha seeks permission for four foreign entities affiliated with ICGNA to hold more than 5% equity and voting stakes and up to 49.99% of the company total. Alpha states that the proposed foreign owners of interests requiring specific approval are organized under the laws of the United Kingdom, the British Virgin Islands, the Cayman Islands, and Jersey, “all of which are allies of the United States and investors in its economy, and with which the U.S. is engaged in robust reciprocal trade.”
