Spanish Broadcasting System is asking the Federal Communications Commission to clear the way for a sweeping ownership change that would accompany its emergence from Chapter 11 bankruptcy — one that would end CEO Raúl Alarcón’s longtime voting control of the company and potentially put nearly two-thirds of SBS in the hands of foreign investors.
SBS is asking the FCC to allow as much as 100% aggregate foreign ownership of both the equity and voting interests of the reorganized company in a newly-filed petition for declaratory ruling. That represents a significant expansion from the authority SBS won from the Commission in 2023, when regulators allowed foreign investors to own as much as 49.99% of its equity but stopped short of granting similar authority for voting interests.
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