Industry News

The FCC Media Bureau has okayed a petition from iHeartMedia regarding foreign investors that hold its stock.

iHeart had asked the bureau to approve foreign interests held by Global Media & Entertainment Investments Ltd. and related entities totaling 6.8% equity and 8% voting interests in iHeart. It also asked for advance approval for GMEI and its entities to increase those interests up to 14.99%.

In an earlier 2020 ruling, the bureau had authorized up to 100% overall foreign investment in iHeart; at the time it approved two groups to hold more than the usual limit of 5%. The PIMCO Group could hold up to 32.99% of equity and 19.99% of voting interests while the Invesco Group could hold up to 19.99% of equity and voting. In making those rulings the FCC said iHeart would need its approval for any further foreign investment above 5%.

But then iHeart said it learned last February that GMEI — formerly called Honeycomb Investments Ltd. and based in the Bahamas — had independently acquired about 9.6 million shares of its stock on the NASDAQ exchange, about 6.6% of equity and 8.7% of voting interests.

iHeart notified the FCC and sought approval for those percentages, plus advance approval for GMEI to go up to 14.99%. (GMEI itself asked for approval to go up to 49.99% but later withdrew that request and fell back to the 14.99% figure.) iHeart said this ruling would incentivize foreign investment and benefit U.S. trade policy by encouraging reciprocal investment opportunities for U.S. companies abroad. It also said GMEI represents no national security or law enforcement concerns.

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So in short the latest FCC ruling grants approval for GMEI and its related entities to hold more than 5% of iHeart’s equity and/or voting interest as well as advance approval to increase its interests up to 14.99%. The previous approvals also remain in place: aggregate direct and/or indirect foreign ownership of iHeart above the usual 25% benchmark is allowed up to 100%; (2) approval for the PIMCO Group to hold up to 32.99% of equity and 19.99% of voting interests in the company; and (3) approval for the Invesco Group to hold up to 19.99% of the equity and voting interests.

The Media Bureau took input from a federal advisory committee on foreign participation, which found no concerns. iHeart will still have to obtain approval for additional foreign investors to hold more than 5% (or 10% for certain institutional investors).

iHeart estimated that following the FCC’s approval, direct and indirect foreign ownership of its capital stock would be “at a minimum, approximately 30% as to voting and 40% as to equity.” But that would not be an issue given the FCC’s previous ruling permitting iHeart aggregate foreign ownership up to 100%.

Read the ruling and the commission’s in-depth explanation of the case.

Comment on this or any article. Write to radioworld@futurenet.com.

The post FCC Grants iHeart Petition on GMEI Foreign Investment appeared first on Radio World.

An effort by iHeartMedia to cap the FCC’s advance approval of any investment in the audio content and distribution giant by Michael Tabor-controlled Global Media & Entertainment at just under 15% has proven successful.

As such, GMEI, which bankrolls some of Great Britain’s biggest radio brands, will not get pre-approval from the Media Bureau to hold up to 49.99% nonvoting interest in iHeart.

But, GMEI withdrew that request in some six weeks ago.

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SANTA CLARITA, CALIF. — The Station Resource Group (SRG) has announced that a 37-year veteran of public radio will succeed long-term co-CEOs Tom Thomas and Terry Clifford, who have led the organization since its inception.

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What does Wall Street think of the late Monday announcement that the current CEO of Salem Media Group will step aside on January 1 and transition to the newly created role of Executive Chairman of the Board of Directors?

Investors seem to be pleased with the succession plan, as Salem stock soared by nearly 13% in midday trading on Nasdaq.

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The Independent Broadcasters Association (IBA) has elected four new members its Board of Directors.

The new Board members are Tom Burns, the owner Technicom & Sauk Valley Broadcasting; Gary Berkowitz, President of Berkowitz Broadcast Consulting; Steve Clendenin, the owner and GM of WHGM-AM & FM in Havre de Grace, Md.; and Jim Jacobs, President of Radio Richmond LLC.

The election took place between November and December. The new board members will serve beginning January 1, 2020, for a three-year term.

Outgoing board members are David Stephens, Owner of Stephens Media Group; Michael J. Flood, Owner of Flood Communications; Deborah Barrera of R Communications LLC; and Cindy Taylor Chesson, GM of River Radio Network/Bridge Media/Ohio Midland Newsgroup.

Jacobs commented, “In an incredibly short period of time, the hard work of the Independent Broadcasters Association has shown remarkable growth. I am looking forward to working with the IBA Board and being a part of what promises to be an even brighter future.”

From our Who’s Buying What page: Triton Digital said radio group Fresh Media Bulgaria is using its audio streaming technology and services.

“Fresh Media Bulgaria will be able to provide Triton Digital’s cutting-edge Dynamic Ad Insertion technology to its publishers to effortlessly control and monetize content through precision-targeted audio ads,” the supplier said.

Fresh Media Bulgaria will also use Triton’s Supply Side platform Yield-Op to maximize revenue opportunities through programmatic ad buys.

Triton said Fresh Media Bulgaria is the largest radio group in the country. Its brands include BG Radio, Radio 1, NRJ, Radio City, Radio1 Rock, Veronika, Radio Nova and City TV.

The announcement was made by Fresh Media Bulgaria General Manager Nikolay Yanchovichin and Triton Digital Head of Global Revenue Stephanie Donovan.

Send news for Who’s Buying What to radioworld@futurenet.com.

The post Fresh Media Bulgaria Deploys Triton Services appeared first on Radio World.

On June 21, 2007, a group of AM and FM radio stations were placed into the Aloha Station Trust. Originally overseen by the late Jeanette Tully, the trustee later became former Backyard Broadcasting head Barry Drake.

In May, the final FM properties in the trust were donated to the Delmarva Educational Association. This left an AM in the Huntington, W. Va. market as the last remaining property under Drake’s care.

An asset sale agreement has just been filed for FCC approval.

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On July 1, 2020, a management and programming agreement was reached that allowed a Class A Classic Hits station serving the tiny towns of Twisp and Winthrop to greatly expand its reach in Eastern Washington.

Now, the station that has been the simulcast partner is seeing a change in control within its ownership, FCC documents show.

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Manufacturer AEQ has named its distributors of the year.

Tommex is a an integrator in Poland that works in broadcast, corporate and multimedia AV environments. “It has been part of AEQ’s commercial network since 2019, and in the last 12 months its work has resulted in numerous installations of intercom systems in the country, both in production centers and in theaters or sports halls,” AEQ wrote in the announcement.

AEQ Distributors of the Year Tommex of Poland (left) and Jamiro Broadcast of Kenya. Falcon Technologies of India was also honored.

Falcon Technologies in India, broadcast division of the Eagle Group, has been an AEQ distributor for more than 20 years. Among its recent work are two large projects for the national radio television of India, which involved installations in 33 cities.

Jamiro Broadcast in Kenya is a recent addition to the AEQ distribution network. The company focuses on design, installation and launch of radio studios.

AEQ said that the work of its distributors and integrators has been particularly challenging because of the global pandemic. “But radio and television in the world have not stopped, they cannot stop, they are the source of information and entertainment for a very important part of the society.”

The post AEQ Names 2021 Distributors of the Year appeared first on Radio World.

Jeff Winemiller and his Lowcountry 34 Media has been divesting low-power television stations in various locales across the U.S. for more than a year. Among those transactions is the June 2020 sale of W26DT-Din Myrtle Beach, S.C.

Now, Lowcountry 34 Media is engaging in another deal involving the same buyer of that Grand Strand property. This time the locale is Music City USA.

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