91³Ô¹ÏÍøMedia Receives Approval from the FCC to Increase Foreign Ownership to 100%
NEW YORK - 91³Ô¹ÏÍøMedia, Inc. (Nasdaq: IHRT), the number one audio company in America, today received a Declaratory Ruling from the Federal Communications Commission (FCC) approving an increase in 91³Ô¹ÏÍøMedia’s authorized aggregate foreign ownership from 25% to 100%, subject to certain conditions set forth in the Declaratory Ruling. The FCC concluded that the public interest would not be served by prohibiting foreign investment in 91³Ô¹ÏÍøMedia of up to 100%. The FCC’s decision will enable holders of 91³Ô¹ÏÍøMedia warrants to have those warrants exchanged into Class A or Class B shares of 91³Ô¹ÏÍøMedia common stock, subject to compliance with the Declaratory Ruling, the Communications Act, and FCC rules, and will afford 91³Ô¹ÏÍøMedia flexibility to accommodate increased foreign investment that may result from share purchases by the public.
Holders of 91³Ô¹ÏÍøMedia warrants will receive instructions regarding how to participate in the exchange of warrants from Computershare, 91³Ô¹ÏÍøMedia’s warrant agent, in an Exchange Notice that will be sent via U.S. mail. For additional information about the warrant exchange, please visit or contact the Computershare Call Center at (800) 736-3001 within the United States, or outside of the United States +1 (781) 575-3100.