Foreign ownership of TV and radio broadcasting companies is limited to up to 49%.
"Article 3. Basic concepts used in the law
1. The following basic concepts are used in this law:
1) audio-visual media service provider (hereinafter: Broadcaster, audio-visual media service provider: Broadcaster of Audio-visual programs) an organization established by the Republic of Armenia or a natural or legal person authorized by a regulatory state body, which compiles and presents audio-visual information to the consumer and bears editorial responsibility for the content of audio-visual products;
2) regulatory state body - an independent state body that ensures the freedom, independence and diversity of broadcast media, monitors the activities of Broadcasters, operators and distributors of audiovisual programs;
3) operator: a network or multiplex operator that offers a communication service (networks, audio-visual systems, slots, etc.) and is responsible for delivering an audio-visual signal to consumers through the operation of the technical infrastructure;
4) multiplex operator - a natural or legal entity that exclusively ensures the technical operation of the distribution and infrastructure of the multiplex and uses the limited frequency resource;
5) network operator: a natural or legal entity that owns a cable or other network (except for the cases of using a limited frequency resource) and ensures the technical operation of the given infrastructure;
6) public broadcaster , a Broadcaster owned by a company 100 percent owned by the Republic of Armenia.
[...]
Article 15. Establishment of Private Broadcasters
1. At the time of foundation (creation) of broadcasters or after that, the share of foreign capital participation should not be equal to fifty percent or more than fifty percent of the shares necessary for the adoption of decisions of the given organization, unless otherwise stipulated by an international agreement.
[...]
Article 16. Establishment of a private multiplex operator
1. The activity of a private multiplex operator is carried out on the basis of a license issued by the regulatory state body in accordance with the law, by a legal entity or an individual registered in the Republic of Armenia, the share of foreign capital participation of the legal entity at the time of its foundation (creation) or after that should not be equal to or greater than the decisions of the multiplex operator. from 50 percent of the shares required for admission, unless otherwise stipulated by an international agreement.
2. The spread area of ​​a private multiplex should not be smaller than the area of ​​one marz or Yerevan city." (Law about Television and Radio, 2000, as amended by Law HO-395-N, implemented 16 July 2020 [google translation])
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Previously up to 2019
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"Article 3. The basic concepts used in the law: 
The following basic concepts are used in this law:
Multiplex, digital TV and a combined stream of additional data integrity, which covers the digital broadcast single frequency network.
Private Multiplexer, a licensed legal entity that provides technical exploitation of multiplexed broadcast or broadcast infrastructure.
[...]
CHAPTER 3 - TV AND RADIO COMPANIES
Article 16 Founders of TV and Radio Company:
1. Founders of the TV and Radio Company may be legal and natural persons, except for the cases stipulated by this Law.
2. The share of participation of foreign capital in or after the establishment of a broadcasting company shall not be more than or equal to fifty per cent of the share capital required for the decision of the broadcasting organization. A larger share can be settled by interstate agreements.
[...]
CHAPTER 6.1. PRIVATE MULTIPLEXOR LICENSING [the head is supplemented by HO-202-N of 18.12.15]
Article 55.1. General Provisions on Private Multiplexion
1. A private multiplexer shall be exercised by a legal entity established in the Republic of Armenia based on a license issued by the Commission in the manner prescribed by law, during which the share of foreign equity participation shall not be equal or greater than 50 percent of the shares required for the issuance of the broadcasting organization : A larger share can be settled by interstate agreements. [...]" (Law about Television and Radio, 2000, as amended)
Law about Television and Radio, 2000, as amended by Law HO-395-N, implemented 16 July 2020 [google translation]
Law about Television and Radio, 2000, as amended
[<a href="https://www.arlis.am/documentview.aspx?docid=145079">Law</a>],[<a href="https://www.arlis.am/DocumentView.aspx?DocID=122030">Law</a>]