GLOBAL APPLIES TO ACQUIRE HALF OF iHEART

Europe's largest radio company, Global, has applied to increase its stake (8.8%) of iHeartMedia to 49.9%, filing its request to acquire half of the U.S. media conglomerate with the FCC on Monday, Bloomberg reported.

U.S. law requires an exemption for foreign ownership of U.S. broadcast companies. In its request for exemption, Global stated that it is fully compliant with foreign-ownership rules and is set on “providing for the free transferability of the publicly traded stock of a company like IHeart and promoting increasing cross-border investment in media companies.”

Global is home to U.K. radio stations Capital, Heart and LBC, among others.

Stay tuned for the FCC's decision.