The FCC has approved iHeartMedia and Global Media Investments Limited’s petition from last summer to allow Global, a subsidiary of the UK’s Global Media to increase its foreign ownership stake in iHeartMedia.
The petition will allow the trustees of the Michael Tabor-led The Global Media & Entertainment Investments Trust to transfer some or all of its interest in iHeartMedia to sibling company Global Media Investments Limited to allow Global Media Founder and Executive President Ashley Tabor-King to exert some degree of influence over his father’s investment in iHeart. It will also allow other officers or directors of Global Media Investments to have influence in the investment without needing to seek further FCC approval.
The grant affirms the FCC’s prior grant to allow up to 100% foreign investment in iHeartMedia and fourteen holding companies and individuals to increase their equity and/or voting interests in iHeart up to 14.99% in aggregate. Those parties and the nation they are based in are: Global Media & Entertainment Investments Ltd (The Bahamas), The Global Media & Entertainment Investments Trust (The Bahamas), Global Media Investments Limited (United Kingdom), Global Radio Group Ltd (Bailiwick of Jersey), Global Media & Entertainment Worldwide Ltd (British Virgin Islands), Michael Tabor (United Kingdom), Ashley Tabor-King (United Kingdom & Cyprus dual citizenship), Sebastian Enser-Wight (United Kingdom & Austria), Harriet Giepmans (United Kingdom), Simon Groom (United Kingdom), James Hill (United Kingdom), Stephen Miron (United Kingdom), Simon Pitts (United Kingdom), and Mark Richford (United Kingdom).
Another investment firm, PIMCO Group was also granted approval to increase its stake in iHeart from 5% equity and/or voting interests to no more than 32.99% of the equity and/or 19.99% of the voting interests in iHeart. Four other companies that are in PIMCO Group’s chain of control: Allianz, AAM GmbH, AEBV, and AF GmbH, can hold up to 19.99% voting interest.
The FCC states, “We find that grant of the Petition is likely to: (1) enable iHeart greater flexibility to access foreign investment capital, thereby allowing iHeart to better compete with other media companies, enhance its programming, and better serve the public interest; and (2) potentially encourage reciprocal investment opportunities for U.S. companies in foreign markets.”
Global Media & Entertainment is the largest commercial radio operator in Europe with its brands including “Capital“, “Classic FM“, “Gold“, “Heart“, “LBC“, “Radio X“, and “Smooth Radio“.
