As the FCC prepares for a Republican-led majority, Audacy has amended its petition to increase its foreign ownership cap amid its bankruptcy reorganization. The company seeks approval to raise foreign ownership from below the current 25% threshold to 27.2% equity and 31.4% voting interests, with flexibility to go as high as 49.99%. To address regulatory concerns, no single foreign entity would hold more than 5% equity or voting rights, and safeguards, including shareholder agreements and governance policies, are proposed to ensure compliance. Audacy argues the request aligns with FCC precedents and has provided certifications adhering to national security and law enforcement standards. U.S.-owned Laurel Tree Opportunities Corporation will remain the majority shareholder. However, with FCC Chairwoman Jessica Rosenworcel departing in January and a Republican-led Commission under Brendan Carr taking over, the partisan dynamics may complicate approval, making this a test case for future regulatory decisions.