Pursuant to Section 310(b)(4) of the Communications Act of 1934, as amended, foreign entities are prohibited from holding more than an indirect 25% equity or voting interest in a U.S.-organized entity that controls a Federal Communications Commission (FCC or Commission) license unless the FCC determines that the foreign ownership arrangement would serve the “public interest.” Entities that wish to exceed this statutory limit must seek approval from the FCC by filing a petition for declaratory ruling.