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Category Archives: Transactions

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FCC Grants First Petition for Declaratory Ruling Allowing 100% Foreign Ownership of Broadcast Station Licensees

Posted in Broadcast Regulation, Foreign Ownership, Transactions
The Media Bureau of the Federal Communications Commission (FCC) has released the first-ever decision permitting foreign citizens to own 100% of broadcast station licensees. In the declaratory ruling, the FCC authorized two Australian citizens each to own 50% of Frontier Media, LLC, the parent company of broadcast licensees owning seven AM radio stations, eight FM radio… Continue Reading

The Importance of Preparing the First Draft

Posted in Corporate/Business, Transactions
One of the most significant points in a transaction may be one of the most overlooked – the question of who will prepare the first draft of the underlying agreement.  It is generally always a good strategic decision to prepare the first draft of a purchase agreement, regardless of whether you are the buyer or… Continue Reading

Third Circuit Vacates Joint Sales Agreement Attribution Rule, Expresses Displeasure Regarding FCC Delay in Concluding Quadrennial Reviews, and Orders Mediation Regarding an Eligible Entity Definition

Posted in Broadcast Attribution, Broadcast Regulation, Transactions
In what will no doubt become quickly known as Prometheus III, the United States Court of Appeals for the Third Circuit has issued its opinion reviewing the latest of the Federal Communications Commission’s (“FCC’s”) decisions (or lack of decisions) in the Quadrennial Review of its media ownership rules pursuant to Section 202(h) of the Telecommunications… Continue Reading

Deadlines Announced for Broadcast Foreign Ownership Rulemaking Comments

Posted in Broadcast Attribution, Broadcast Regulation, Foreign Ownership, Transactions
In a post last week, we told you that the Federal Communications Commission had issued a Notice of Proposed Rulemaking (“NPRM”) proposing to streamline the process for broadcast companies to obtain Commission consent to exceed the 25% benchmark for foreign investment in their parent companies.  Today, the NPRM was published in the Federal Register, and… Continue Reading

FCC Proposes to Streamline Foreign Ownership Approval Process for Broadcasters, Creating Potential for New Investment Opportunities

Posted in Broadcast Attribution, Broadcast Regulation, Foreign Ownership, Transactions
On October 22, 2015, the Federal Communications Commission (“FCC” or “Commission”) issued a Notice of Proposed Rulemaking (“NPRM”) proposing to simplify the process for broadcast companies to obtain Commission consent to exceed the 25% benchmark set by Section 310(b)(4) of the Communications Act for foreign investment in their parent companies.  The NPRM also seeks comment… Continue Reading

FCC Media Bureau Allows Pandora to Acquire Radio Station, Approving Pandora’s Plan for Compliance with Waiver of Communications Act’s 25% Foreign Ownership Limit

Posted in Broadcast Regulation, Foreign Ownership, Transactions
Just over a month after the Federal Communications Commission (FCC or Commission) adopted its Declaratory Ruling (Pandora Ruling) allowing Internet streaming music provider Pandora to exceed the Communications Act’s 25% benchmark for foreign investment in broadcast licensee parent companies, the FCC’s Media Bureau granted Pandora’s application to acquire South Dakota radio station KXMZ. The Bureau… Continue Reading

FCC Grants Pandora Relief from the Communications Act’s 25% Foreign Ownership Limit, Signals Intent to Consider Revising Broadcast Foreign Ownership Compliance Mechanisms in the Future and Provides Limited Guidance Regarding Compliance in the Meantime

Posted in Broadcast Regulation, Foreign Ownership, Transactions
As we predicted last week, the Federal Communications Commission (FCC or Commission) has acted on the request by Internet streaming music provider Pandora for permission to exceed the 25% benchmark for foreign investment in broadcast licensee parent companies imposed by Section 310(b)(4) of the Communications Act. In the Pandora Ruling, the FCC authorized foreign investors… Continue Reading

FCC Reveals Potential Auction Compensation for Broadcasters

Posted in Corporate/Business, Spectrum, Transactions
Full-power TV stations in Los Angeles could receive as much as $570 million for participating in the incentive auction and relinquishing their spectrum, according to a report prepared by an investment firm and released by the FCC today.  The report provides estimated compensation on a market-by-market basis, including the maximum and median compensation for full-power… Continue Reading

Where To From Here? Next Steps in the FCC Incentive Auction

Posted in Broadcast Regulation, Spectrum, Transactions
It has been more than four months now since the FCC adopted a Report and Order for the forthcoming incentive auction of television broadcast spectrum.  The Report and Order provided a framework for the reverse auction, where television stations will bid to relinquish some or all of their spectrum rights; the forward auction, where wireless… Continue Reading

FCC: Busy 2014 Precedes Mid-2015 Incentive Auction

Posted in Broadcast Regulation, Corporate/Business, Spectrum, Transactions
The FCC continues to target mid-2015 for conducting the incentive auction, according to an Estimated Timeline of Key Events released today.  To realize that goal, the FCC plans to release in the fast-approaching third quarter of 2014 the “Auction Comment Public Notice,” which, as detailed in a previous post, will seek comment on: The methodology… Continue Reading

Purposes and Pitfalls of Letters of Intent

Posted in Transactions
Letters of Intent, sometimes referred to as memorandums of understanding, are frequently used in media transactions and are pre-contractual documents that set forth certain basic terms upon which parties intend to enter into binding definitive agreements.  Letters of Intent are usually intended to be non-binding “agreements to agree” which confirm and solidify handshakes.  There are,… Continue Reading