Foreign governments, individuals and entities cannot hold a common carrier mobile radio station license under sections 310(a) and 310(b)(1)-(2) of Title III. Under section 310(b)(3), foreign governments, individuals and entities cannot own, in the aggregate, more than 20% of the equity or voting interests in a common carrier radio station licensee. Foreign governments, individuals and entities can own, in the aggregate, 25% of the equity and voting interests in a U.S. parent that controls a common carrier radio station licensee and may own up to 100% of the U.S. parent with prior FCC (Federal Communications Commission) approval under section 310(b)(4). 
"§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
[<a href="http://uscode.house.gov/view.xhtml?req=(title:47%20section:310%20edition:prelim)%20OR%20(granuleid:USC-prelim-title47-section310)&f=treesort&edition=prelim&num=0&jumpTo=true">Act</a>]