Media Bureau Grants Alpha Media Foreign-Ownership Request
The FCC Media Bureau granted Alpha Media’s request for a declaratory ruling allowing it to have up to 100% aggregate foreign investment, said an order in Thursday’s Daily Digest. The Media Bureau in 2021 approved Alpha’s chapter 11 bankruptcy reorganization…
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with a waiver that the company must petition for foreign ownership declaratory ruling once it emerged from the bankruptcy. With Thursday’s ruling, the Media Bureau approved the final step of the company’s bankruptcy plan, after which it will be owned by several funds and equity groups, including the Cayman Islands-based ICG North America Holdings and the British Virgin Islands-based BigSur Capital Partners Three. Several entities based in the U.K. and Jersey are also affiliated with ICG, the ruling said. Alpha’s request drew no objections or comments, and the Committee for the Assessment of Foreign Participation in the U.S. Telecommunications Services Sector found no security concerns, the ruling said. “We find that the public interest would be served by permitting foreign ownership of New Alpha in excess of the 25% benchmarks,” said the ruling.