For radio, broadcasting, and telephone companies in regard to common carrier radio licences, US enterprises with foreign ownership exceeding 20 per cent,  aliens, and  foreign corporations may not be granted the relevant licence. When a corporation is directly or indirectly controlled by another corporation, the Federal Communications Commission may refuse to approve a licence if more than a 25 per cent interest in the controlling company is foreign and if the Commission finds it in the public interest to do so. 
"§310. License ownership restrictions [...]
(b) Grant to or holding by alien or representative, foreign corporation, etc.
No broadcast or common carrier or aeronautical en route or aeronautical fixed radio station license shall be granted to or held by-
(1) any alien or the representative of any alien;
(2) any corporation organized under the laws of any foreign government;
(3) any corporation of which more than one-fifth of the capital stock is owned of record or voted by aliens or their representatives or by a foreign government or representative thereof or by any corporation organized under the laws of a foreign country;
(4) any corporation directly or indirectly controlled by any other corporation of which more than one-fourth of the capital stock is owned of record or voted by aliens, their representatives, or by a foreign government or representative thereof, or by any corporation organized under the laws of a foreign country, if the Commission finds that the public interest will be served by the refusal or revocation of such license. [...]" (Communications Act (47 U.S.C. current through Pub. L. 117-49), § 310)
Communications Act (47 U.S.C. current through Pub. L. 117-49), § 310
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