iHeart Seeks Foreign-Ownership Permission
IHeartMedia wants the FCC to allow Global Media and Entertainment Investments (GMEI), an existing foreign-owned investor in iHeart, to transfer its interest in iHeart to a related corporate-owned entity, said a petition for declaratory ruling posted Wednesday in docket 25-200.…
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GMEI is organized in the Bahamas and principally owned by U.K. citizens, including British horse-racing and media entrepreneur Michael Tabor. The FCC has previously approved foreign ownership of up to 100% of iHeart’s equity and voting interests, as well as the specific participation of GMEI, iHeart said. The petition stems from “anticipation” that Tabor’s son, Ashley Tabor-King, who is currently executive president of two of GMEI's sister companies, “will serve as a close advisor to Mr. Tabor and exert some degree of influence with respect Mr. Tabor’s investment in iHeart,” the filing said. It sought permission for Tabor-King, several GMEI-associated companies, and multiple U.K.-based people who could have influence over the companies to hold up to a 5% interest in iHeart. “The proposed changes described in the Petition do not change the aggregate amount of foreign ownership of iHeart,” the filing said. Comments on the petition are due July 18, replies Aug.4.