Foreign investors cannot hold a controlling stake in radio and TV production companies.
"Chapter 50. Features of licensing activities in the fields of television, broadcasting and the production of audio-visual works
1. Licensed type of activity: activities in the fields of television, broadcasting and audio-visual works.
2. Activities in the fields of television, broadcasting and audio visual works include:
- production of television and radio programs;
- distribution of television and radio programs;
- production of audiovisual products (production of sound (phonogram), visual and audiovisual production).
3. Licensing authority: Committee on Television and Radio Broadcasting under the Government of the Republic of Tajikistan. 
4. The Committee on Television and Radio Broadcasting under the Government of the Republic of Tajikistan may delegate licensing authority to the respective subordinate units.
[...]
15. Foreign citizens and stateless persons do not have the right to obtain a license for activities in the field of broadcasting, broadcasting organizations controlled by foreign citizens and stateless persons also cannot receive a license. Moreover, in this case, control is understood as the determining influence on decision making. [...]" (Decree of the Government of the Republic of Tajikistan dated April 3, 2007, No. 172 "On approval of the Regulation on the features of licensing of certain types of activities (in the new edition)" [google translated])
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"CHAPTER 1. GENERAL PROVISIONS
Article 1. Basic concepts
The following basic concepts are used in this Law: [...]
mass media - periodicals as well as news agencies, television and radio broadcasts, newsreels, recordings, audio and audio-visual programs that are broadcast or distributed via cable television at least once a year;
[...]
CHAPTER 2. PROCEDURE FOR THE ESTABLISHMENT AND ORGANIZATION OF ACTIVITIES OF MASS MEDIA
"Section 7. The Right to Establish a Mass Media
1. Citizens of the Republic of Tajikistan and legal entities have the right to establish mass media in accordance with the procedure established by the legislation of the Republic of Tajikistan.
2. Do not have the right to be the founders of the media:
- citizens who have not reached the age of eighteen years, recognized by a court decision as legally incompetent or partially capable;
- political parties, political movements, organizations and legal entities whose activities are limited or prohibited by the legislation of the Republic of Tajikistan;
- foreign legal entities, foreign citizens and stateless persons;
- legal entities whose authorized capital consists of more than 25 percent of foreign investment. [...]" (Law of the Republic of Tajikistan of March 19, 2013, No. 961 "On the Periodical Press and Other Mass Media" [google translated])
Decree of the Government of the Republic of Tajikistan dated April 3, 2007, No. 172 "On approval of the Regulation on the features of licensing of certain types of activities (in the new edition)" [google translated]
Law of the Republic of Tajikistan of March 19, 2013, No. 961 "On the Periodical Press and Other Mass Media" [google translated]
[<a href="http://portali-huquqi.tj/publicadliya/view_qonunhoview.php?showdetail=&asosi_id=7901">Decree</a>],[<a href="http://portali-huquqi.tj/publicadliya/view_qonunhoview.php?showdetail=&asosi_id=14834">Law</a>]