Following the Bahamas-based investment arm of Global Media & Entertainment seeking FCC approval to be able to acquire as much as 49.99% of iHeartMedia, the US firm has filed a counter-petition seeking to limit their possible stake to 9.99%, citing the short-term Shareholders Rights Plan that restricts one investor to 10% of the business unless approved by the board (until 5th May 2021).
A "frustrated" and "surprised" Global responded to say that winning permission under foreign ownership rules is a separate matter and able to be considered by the regulator.
Does this dispute leave an open goal for Liberty Media, the Colorado-based conglomerate behind SiriusXM and Formula 1, which recently received the green light from the Department of Justice to increase its stake?
In my view, the US radio industry could really do with some progressive UK influence right now. It needs to recognise that doing radio "the way we've always done it" is not sustainable.
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