The FCC has approved Alpha Media’s petition for up to 100% foreign equity ownership and specific investors to own above 5% equity and voting stakes in the company.

An outgrowth from Alpha’s July 2021 exit from chapter 11 bankruptcy protection, the approval will allow Alpha’s debt holders to exercise warrants to convert the debt into equity holdings in the company. The approval granted gives each of the investors the ability to hold up to 49.9% of Alpha Media without needing further FCC approval. MetLife Private Equity Holdings, LLC will drop from holding 41.7% into the company to hold a 23.6% equity and 25% voting stake in Alpha. Florida Growth Fund LLC will drop from 27.4% equity and voting to 7.9% equity and 8.3% voting. Hamilton Lane Strategic Opportunities 2016 Fund LP drops from 21.6% equity and voting to 7.9% equity and 8.3% voting. The Cayman Islands based ICG North America Holdings Ltd. will increase its stake from 5.7% to 39.1% equity and 41.4% voting making it the largest shareholder. BigSur Capital Partners Three Corp. of the British Virgin Islands will gain 6.3% equity and 6.7% voting. Three subsidiaries of ICGNA will also have the ability to hold up to 49.9% in the company: the UK based Intermediate Capital Group PLC and ICG Global Investment UK Limited and the Jersey based ICG Global Investment Jersey Limited.