RBR+TVBR EXCLUSIVE
On Tuesday, it was widely reported that Global, the U.K.-based media company that boasts such British radio brands as Heart, Capital, Radio X, LBC, Gold and Classic FM, wants a greater stake in iHeartMedia.
In fact, its Washington-based counsel wrote to the FCC to advance regulatory approval for the acquisition of nearly 50% of non-voting equity in iHeart — five times what iHeart sought from the Commission.
RBR+TVBR has now learned that there’s a bit more to the story: iHeartMedia found itself in violation of FCC’s foreign ownership rules only after learning of Global’s initial investment.
What a company does when faced with a situation may be the biggest new concern for every publicly traded radio or TV entity in the U.S. today.
