Media Bureau OKs Alpha Bankruptcy Reorg
The FCC Media Bureau gave the nod to license transfers associated with Alpha Media’s bankruptcy reorganization, said an order Tuesday. It's conditioned on the reorganized company filing a petition within 30 days of emerging for a declaratory ruling to be…
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more than 25% foreign-owned. The order denies petitions to deny from former Alpha CEO Lawrence Wilson and minority shareholder Paul Stone (see 2104160057), classifying them as informal objections. Wilson and Stone raised concerns about current CEO Bob Proffitt’s conduct and the company seeking foreign ownership. MB ruled that neither has standing. And complaints about corporate governance “are wholly outside the jurisdiction of the Commission,” the order said. Alpha Media USA would own the company’s broadcast licenses and a wholly owned subsidiary of U.S. based company New Alpha. MetLife will control 43.7% of New Alpha, investment management firm Hamilton Lane will control 49%, and U.K. and Cayman Islands-based Intermediate Capital Group will control 5.8 %, the order said. New Alpha will be managed by a five-member board consisting of Proffitt and directors designated by the other stockholders.