Pandora may be closer to radio station ownership.
Bloomberg is reporting that the Internet audio service may receive a waiver from the FCC’s ownership rules to close on its purchase of KXMZ(FM), Rapid City, S.D.
FCC Chairman Tom Wheeler asked fellow commissioners to okay waiving the agency’s 25% foreign ownership limit, according to the account. Wheeler said at the recent NAB Show he’s in favor of loosening foreign ownership limits, potentially increasing foreign investment in U.S. broadcast companies and vice-versa.
Pandora has been trying to buy the South Dakota FM to qualify for lower streaming royalties since 2013.
The reported move comes as Pandora and Sound Exchange, which collects and distributes streaming royalties, are involved in litigation before the Copyright Royalty Board over Pandora’s webcasting rates for 2016-2020.