Jenner & Block

Federal Communications Commission Unanimously Streamlines Foreign Ownership Requirements for Broadcasters and Common Carriers, Communications, Internet & Technology

On September 30, 2016, the Federal Communications Commission unanimously granted broadcast licensees the same streamlined foreign ownership procedures—with a few modifications—that common carrier licensees now enjoy. The Commission also eliminated the onerous requirements to conduct shareholder surveys and samplings to determine foreign ownership—instead allowing companies to rely on information that is “known or reasonably should be known” to the public company in the ordinary course of business. Together, these changes are designed to decrease burdens for both broadcasters and investors and enhance licensee access to global capital.