The FCC sought comment on an issue raised...
The FCC sought comment on an issue raised by Verizon related to the company’s buy of the 45 percent of Verizon Wireless owned by Vodafone. Verizon asked the commission to issue a declaratory ruling “it would not serve the public…
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interest to prohibit a widely dispersed body of shareholders from holding aggregate foreign ownership in Verizon in excess of the 25 percent benchmark in section 310(b)(4)” of the Communications Act. Verizon said the agreement with Vodafone includes Verizon shares being distributed to the U.K.-based company’s shareholders, the public notice said. “Verizon explains that the share distribution may increase the aggregate percentage of Verizon shares held by non-U.S. investors from the current approximately 8.24 percent to an estimated aggregate 24.3-25.3 percent,” the notice said (http://bit.ly/1aZH7SP). “Verizon states that, because it is publicly traded and widely held, the percentage of foreign ownership will necessarily vary somewhat over time as shares are traded on the open market.” Comments are due Oct. 18, replies Nov. 1.