Re: X calls

[Garrett Wollman <wollman@khavrinen.lcs.mit.edu>]

<<On Tue, 21 May 2002 23:40:36 EDT, Dibmaine@aol.com said:

[Extraneous Web page deleted.]

> How does that work with a public corporation?  What would happen if a non-US 
> citizen got controlling interest in a public corporation?

All licensees must receive FCC consent before giving effect to any
change in attributable ownership.  In the case of public companies,
the reporting requirements of the SEC are stricter than the FCC's.

The News Corporation Limited, an Australian company, is permitted to
own US TV stations because its capital structure gives Rupert Murdoch
effective control over the company, and Murdoch is a US citizen
(indeed, he became one precisely so that News Corp could do so).
Similarly, no matter who owned the capital stock of (e.g.) Viacom, it
would not be disqualified because the Redstones maintain voting
control of the company.

-GAWollman