Foreign ownership is not allowed in printed media services.
"Chapter One: General Provisions
Article 1
The printing press, the press, the library, and the publishing and distribution house are free, and this freedom is not restricted except within the scope of general laws and the provisions of this law.
Article 2
By printing press, it means every device prepared for the production of publications. This definition does not include the device prepared for photocopying, regular typewriters used in departments, shops, and institutions, and the device used for purely commercial purposes or for making copies of documents.
Article 3
Publication means the means of publishing based on codifying words and forms in letters, pictures and drawings. Each publication must mention the name of the author, the name of the publication, the publisher, its address and the date of printing.
Article 4
Press publication means various types of periodical publications.
[...]
Article 13
The printing press must have a manager who is responsible for the violations it commits, and he must be an educated Lebanese who has completed twenty-one years of age and has not been convicted of any heinous crime.
[...]
Article 23
The responsible director must fulfill the following conditions:
1- He must be a Lebanese journalist who fulfills all the conditions required for a journalist in accordance with the previous article, and he actually exercises his work in the publication of which he is the director.
2- To be an actual resident of the place where the publication is issued, and if he is absent for three consecutive months, the owner of the publication or his representative must nominate a manager to replace him. If the absenteeism occurred as a result of the disappearance of the responsible director due to a judicial prosecution arising from practicing a profession in his publication, the publication shall be suspended by a decision of the Minister of Guidance, News and Tourism after a month has passed since his disappearance until the new responsible director is named.
3- He should not be one of the persons enjoying legal immunity according to the law.
4- He should not be a responsible manager for more than one publication.
5- To present a certificate from the syndicate to which he belongs proving that he is proficient in the language of the publication for which he was appointed as a responsible director.
Article 24
The owner of the publication has the right to be a responsible director for it or for others if he is a journalist who fulfills the conditions imposed on the responsible director.
A non-journalist has the right to be a responsible director of a non-political publication whose topics fall within his competence, provided that he adheres to the special conditions specified for his case in the internal regulations of the Lebanese Press Union, and his name is removed from the union’s list in this case.
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Chapter Four: - Licensing the press publication
Article 27
It is absolutely forbidden to issue any press publication before obtaining a prior license from the Minister of Guidance, News and Tourism after consulting the Press Syndicate.
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Chapter Five: - The conditions that must be met to obtain the license
Article 30
The license applicant must:
1- be Lebanese, residing in Lebanon or taking a place of residence in Lebanon,
2- enjoying his civil and political rights,
3- not having been convicted of a felony or one of the infamous misdemeanors listed in the Election Law,
4- not serving the state foreign.
Article 31 (amended by an enforceable law by Decree 2143/1971 )
A license for a political press publication is not granted except to:
A - to a journalist.
B - For press companies of all kinds that meet the following conditions: 
1- In partnerships and limited liability companies, all partners must be of Lebanese nationality.
2- In limited partnership companies: the authorized partners must be of Lebanese nationality, and all the shares are nominal owned by Lebanese natural persons or companies considered purely Lebanese by virtue of the law issued by virtue of Decree No. 11614 dated January 4, 1969
3- In joint-stock companies: it must All the shares are nominal and owned by Lebanese natural persons or purely Lebanese companies by virtue of the law mentioned in the above paragraph.
4- It is prohibited to transfer the nominal shares mentioned in the two above-mentioned paragraphs to non-Lebanese natural persons or to non-Lebanese companies.
5- Every contract or work conducted in violation of the above-mentioned provisions shall be considered null and void, and the violator shall be punished with imprisonment for a minimum period of one year and a maximum of three years, and a fine of no less than three times the value of the subject matter of the violation, and the lapse of time does not apply to the aforementioned penalty.
6- Previously established companies must comply with the provisions of the above amendments within a maximum period of one year from the date of publication of this law in the Official Gazette.
Article 32
A press publication may not be transferred from one owner to another unless the conditions specified in the previous article are met, and only the heir is excluded from this restriction. [...]" (Press Law of 14 September 1962 [google translation])
Press Law of 14 September 1962 [google translation]
[<a href="http://www.legallaw.ul.edu.lb/LawView.aspx?opt=view&LawID=257669">Law</a>]