I've had a chance to work with some of those foreign broadcasters, and I've found their quality standards and staffing to be above that of the United States. I assume the FCC wouldn't want foreign governments owning any US spectrum. But a private company is a private company, regardless of country. We have professed to favor free trade for the past 30 or so years, so that means that Rupert Murdoch shouldn't have to change his citizenship (which he did) to buy American broadcasting.
The fact is that the investment money for traditional broadcasting in this country has dried up. It began to dry up in the 80s when insurance companies and electronics manufacturers started selling broadcasting. Banks don't invest in radio. Broadcasters can't get small business loans. So there's really no other place to turn. Real estate went overseas in the 70s. The recording industry went foreign in the 80s. The French own Hank Williams, the Japanese own Bob Dylan. Lots of other American culture is owned by foreigners, including movies and clothing. We Americans don't like to own. At least not forever. We like to own long enough to sell at a profit. Americans don't like to overpay, but a lot of foreigners have made a living doing it. I think it's a done deal.
