Investment Groups Argue Against Lower Reportable Ownership
Lowering reportable foreign-ownership interests from 10% to 5% would result in "significant real-world consequences that are contrary to the Commission's desire to encourage investments in telecommunications infrastructure" in the U.S., said DigitalBridge Group and Searchlight Capital Partners Thursday in docket…
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23-119. The investment companies said their limited partners and co-investors, especially sovereign wealth funds, treat their investments as highly confidential for competitive investment strategy reasons. They said there's no reason for the agency to change its rules because its disclosure threshold has no impact on the ability of national security agencies to continue doing their confidential reviews of foreign ownership at a 5% threshold, but it wouldn't promote national security to require public disclosure of passive limited partners and co-investors with insignificant equity interest and that lack any control of day-to-day operations of an FCC licensee.