Foreign investment in radio and TV broadcasting services is limited to 49% of equity ownership.
"Section 4
In this Act, “foreigner” means:
1. a natural person who is not of Thai nationality;
2. a juristic person not registered in Thailand;
3. a juristic person registered in Thailand, being of the following descriptions: 
a. being a juristic person at least one half of capital shares of which are held by persons under (1) or (2) or a juristic person in which investment has been placed by the persons under (1) or (2) in the amount at least equivalent to one half of the total capital thereof;
b. being a limited partnership or a registered ordinary partnership the managing partner or the manager of which is the person under (1);
4. a juristic person registered in Thailand at least one half of the capital shares of which are held by persons under (1), (2) or (3) or a juristic person in which investment has been placed by the persons under (1), (2) or (3) in the amount at least equivalent to one half of the total capital thereof; [...]
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Section 8
Subject to section 6, section 7, section 10 and section 12:
1. no foreigner may operate such businesses stricto sensu not permissible to foreigners by special reason, as prescribed in List One;
2. no foreigner may operate such businesses related to national safety or security, businesses having impacts on arts, culture, traditions, customs and folklore handicrafts or businesses having impacts on natural resources or the environment, as prescribed in List Two, unless upon obtaining permission from the Minister with the
approval of the Council of Ministers;
3. no foreigner may operate such businesses in respect of which Thai nationals are not yet ready to compete with foreigners, as prescribed in List Three, unless upon obtaining permission from the Director-General with the approval of the Commission.
[...]
Annex - List one. Businesses stricto sensu not permissible to foreigners by special reason:
1. The Press, radio broadcasting station or radio and television station business[...]"((Foreign Business Act, B.E. 2542 (1999))
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"CHAPTER I - BROADCASTING AND TELEVISION BUSINESSES OPERATION
Section 7. Any person who operates sound broadcasting business or television business shall obtain a license from the Commission in accordance with the provision of this chapter
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Section 8. An applicant for a license under this Act shall be of Thai nationality and shall not be under license suspension nor shall have previously had a license revoked during a period of less than three years prior to the application.
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Section 10. There shall be three types of license to operate sound broadcasting business or television business using frequency spectrum as follows:
(1) license to operate public services: being a license issued for the business operation which has the main objectives to provide public services. [...]
(2) license to operate community services: being a license for the business operation which has the same objectives as those of the public services business, provided that it must provide the benefit that meets the needs of the community or locality receiving the services;
(3) license to operate business services: being a license for the business operation which has the objectives as intended by the operator for profit making, in accordance with the criteria prescribed in the Notification by the Commission. This can at least be divided into three types: (a) Business Services License at National Level, which shall be issued for the sound broadcasting business or television business whose service areas cover all regions of the country; (b) Business Services License at Regional Level, which shall be issued for the sound broadcasting business or television business whose service areas cover a group of provinces; (c) Business Services License at Local Level, which shall be issued for the sound broadcasting business or television business whose service areas cover an individual province.
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Section 13. The applicant for a license to operate business services shall be a juristic person established under Thai law and shall have the following characteristics: (1) the applicant for Business Services License at Regional and Local Levels shall be a juristic person in which at least one-third of the equity shareholders or investors have a domicile in such region or locality, as the case may be, and shall have stable financial status, an accounting audit system and any other qualifications that can guarantee the stability of the business operation as prescribed in the Notification by the Commission; (2) the applicant for a license to operate any other types of business than (1) shall be a State enterprise or a company established under Thai law which has the main objectives for operating sound broadcasting business or television business.
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Section 15. The applicant for a license under section 13, in addition to having the qualifications and possessing no prohibited characteristics under section 8 and section 14, shall have the following qualifications:
(1) being a juristic person in which the persons of Thai nationality invest or hold equity shares in the amount of not less than three quarters of the total capital of such juristic person; (2) being a juristic person in which the persons of Thai nationality have the power under the law or articles of association or through an agreement to vote of not less than three quarters of the total number of votes entitled to vote of such juristic person. In the case where the applicant for a license under section 13 is a company, at least three quarters of the total number of the directors and the director(s) authorised to bind such juristic person shall be of Thai nationality. In the case where the applicant for a license under section 13 is a limited partnership or registered ordinary partnership, the managing partner or the manager shall be of Thai nationality.
The Commission may prescribe the prohibition of any act which has the nature of business takeover by a foreigner to be observed by the applicant. For the purpose of this section, it shall be deemed that a person of Thai nationality means a person who is not a foreigner under the law on foreign business, and in casting a vote, each share held or invested by a person of Thai nationality shall be counted as one vote. [...]"(Broadcasting and Television Businesses Act, B.E. 2551 (2008))
Foreign Business Act, B.E. 2542 (1999).
Broadcasting and Television Businesses Act, B.E. 2551 (2008)
[<a href=" https://investmentpolicy.unctad.org/investment-laws/laws/40/thailand-foreign-business-act">Act</a>],[<a href="http://www.krisdika.go.th/wps/wcm/connect/d51cc5004ba4484f9efcbf8b0853d392/BROADCASTING+AND+TELEVISION+BUSINESSES+ACT,+B.E.+2551+(2008).pdf?MOD=AJPERES&CACHEID=d51cc5004ba4484f9efcbf8b0853d392">Act</a>]