I know of at least one case right now of foreign ownership of a station in the United States. The station, WGEN, is owned 25% by Colombian broadcaster Caracol TV. Another station, KAZA, is owned by Pappas Telecasting but I believe TV Azteca of Mexico lent Pappas Telecasting the money to purchase the station and as a result exerts control over the station's programming (i.e. air our programming or we demand our money back.)
If the Caracol control is indirect then 25% is legal. I'm sure there are many more cases of partial foreign ownership, where the percentage of foreign control is well below the 25% limit. (I might imagine
most stations have at least a small proportion of foreign ownership)
The KAZA case pushes my understanding of the law. (I'm an engineer, not a lawyer) What I
think the situation is... is that any contract between
any non-controlling partner (U.S. or foreign) cannot prevent the licensee from refusing any programming they find unsuitable, and cannot prevent the licensee from preempting any programming when they feel something else is more in the public interest.
Quoting from 47USC310(b):
http://www.fcc.gov/Reports/1934new.pdfSEC. 310. [47 U.S.C. 310] LIMITATION ON HOLDING AND TRANSFER
OF LICENSES.
(a) The station license required under this Act shall not be granted to or
held by any foreign government or the representative thereof.
(b) 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.