Cayman Company Seeks Up to 15% of Pandora

The FCC Media Bureau is seeking comment on a petition for declaratory ruling to allow Corvex Master Fund to own up to 14.99 percent of Pandora, which itself was the beneficiary of a foreign-ownership declaratory ruling, said a public notice Friday. Corvex is “organized under the laws of the Cayman Islands and is ultimately controlled by Keith Meister, a U.S. citizen, through a series of intervening entities that are organized under Delaware law and owned and controlled by U.S. citizens,” the PN said. Pandora's declaratory ruling included a condition that the FCC must grant approval for foreign entities that want to acquire more than 5 percent of the company. Corvex wants to buy 9.99 percent but wants the FCC to preapprove up to 14.99 percent. The PN said Corvex contends granting the request will “facilitate investment” in Pandora and “facilitate the efficient operation of the secondary markets for trading stocks of a publicly traded company.” Comments are due Sept. 12, replies Sept. 27.