WASHINGTON, D.C. (October 24, 2013): The Minority Media and Telecommunications Council (MMTC) congratulates the Federal Communications Commission and Acting Chairwoman Mignon Clyburn for their support for relaxing the Commission’s policy that presently restricts foreign investors from owning more than 25% of the equity in a U.S. broadcast station.
According to an announcement it released today, “The Commission will consider a Declaratory Ruling to clarify the agency’s policies and procedures in reviewing broadcast applications for transfer of control, or requests for declaratory ruling, pursuant to section 310(b)(4) of the Communications Act of 1934” during its November 4th open meeting. Upon passage of the ruling, broadcasters’ applications contemplating more than 25% foreign ownership can be processed by the Commission’s Media Bureau on a case-by-case basis.
MMTC, along with over 50 national civil rights, intergovernmental, entrepreneur, and professional groups, has petitioned the Commission to amend the rules for eight years. The organizations have cited the lack of domestic investment in diverse radio stations and the relief foreign investment capital would provide to American broadcasters, especially minority entrepreneurs. The move would also facilitate American broadcasters’ reciprocal entry into diverse overseas markets hungry for African-American, Hispanic-American, and Asian-American music and culture.
MMTC President David Honig stated, “We are delighted the Commission is taking steps to address access to capital, an endemic problem for minorities in broadcasting, and therefore expanding the diversity of information available to the public. This is a huge victory for the Clyburn Commission and for struggling broadcasters. It’s also a textbook example of a deregulatory initiative that benefits underserved communities.”
Thanks are due to Chairwoman Clyburn, Commissioner Pai and Commissioner Rosenworcel for their perseverance in securing this important civil rights victory.
* * * * *
The Minority Media and Telecommunications Council (MMTC) is a national nonprofit organization dedicated to promoting and preserving equal opportunity and civil rights in the mass media, telecommunications and broadband industries, and closing the digital divide. MMTC is generally recognized as the nation’s leading advocate for minority advancement in communications.