Foreign shareholding in radio and TV broadcasting companies is limited to 25%.
2. In this Act, unless the context otherwise requires — [...]
" broadcasting " means the distribution of television or radio, by means of terrestrial or satellite transmitter received on suitable apparatus by the public; [...]
" commercial broadcasting " means a broadcasting service operated for profit and controlled by a person who is not a public or community broadcaster; [...]
" public broadcasting "means a broadcasting service which serves the overall public interest and is accountable to the public as represented by an independent board, and defined by the Zambia National Broadcasting Corporation Act; [...]
[...]
PART IV - BROADCASTING SERVICES AND LICENCES
19. (1) Subject to the provisions of this Act, no person shall operate or provide a broadcasting service in Zambia otherwise than in accordance with the terms and conditions of a licence issued by the Authority and on payment of such fees as the Minister may, on the recommendation of the Authority, prescribe.
(2) The Authority may issue a commercial, community, religious, subscription or public broadcasting licence, subject to the provisions of this Act and to the conditions as determined by the Authority: 
Provided that —
(a) a political party or organisation or a legal entity founded by a political party or organisation shall not qualify to hold a broadcasting licence; and
(b) a person who is not a citizen of Zambia shall not qualify to hold a broadcasting licence. 
(3) In this section, " citizen of Zambia " in relation to a body corporate means a company in which not less than seventy five percent of shares are held by citizens of Zambia.
4) Subject to subsection (1) a broadcasting licence shall authorise the licensee to provide any of the following classes of broadcasting services:
(a) a public broadcasting service; (b) a commercial broadcasting service; (c) a community and religious broadcasting service; or (d) a subscription broadcasting service. 
(5) The Minister may, in consultation with the Authority, by Statutory instrument, exempt any person, institution or organisation from any of the provisions of this section.[...]" (THE INDEPENDENT BROADCASTING AUTHORITY ACT , 2002)
THE INDEPENDENT BROADCASTING AUTHORITY ACT , 2002
[<a href="https://www.parliament.gov.zm/sites/default/files/documents/acts/Independent%20Broadcasting%20Authority%2C%202002.pdf">Act</a>]