FCC Weighs Approval of Foreign Equity Stake in iHeartMedia

The Federal Communications Commission is weighing whether to approve a British investor’s equity and voting interests in iHeartMedia Inc., the biggest owner of radio stations in the U.S.

The agency, in a Friday notice, is seeking public comment on a request by iHeartMedia to approve foreign equity and voting interests exceeding 5% in the company by Global Media & Entertainment Investments Ltd., an investment firm run by British businessman Michael Tabor.

Federal law requires companies to obtain FCC approval for any foreign entity that owns more than 5% percent in equity or voting interests. In a March FCC ...