Only Peruvian nationals or corporations organised under Peruvian law and domiciled in Peru may be holders of broadcasting authorisations or licenses. Before 16 December 2007, the participation of foreign nationals in these corporations was limited to a maximum of 40%. After this date, the provision was declared unconstitutional and instead, a reciprocity principle applies. Moreover, if a foreign national is, directly or indirectly, a shareholder, partner, or associate in a corporation, that corporation may not hold a broadcasting authorisation in a zone bordering that foreign national's country of origin, except in a case of public necessity authorized by the Council of Ministers. This restriction does not apply to corporations with foreign equity which have two or more current authorizations, as long as they are of the same frequency band.
"Article 24.- Foreign participation
Only natural persons of Peruvian nationality or legal persons constituted and domiciled in Peru can be holders of authorizations and licenses.
The participation of foreigners in legal persons holding authorizations and licenses may not exceed forty percent (40%) of the total shares or shares of the capital stock, and must, in addition, be holders or have participation or shares in companies of broadcasting in their countries of origin. (*)
(*) In accordance with the Resolution of File No. 00013-2007-PI-TC, published on December 16, 2007, the second paragraph of this article is declared unconstitutional, understanding that equality between Peruvian and foreign capital in the country must be in direct relationship with the principle of reciprocity of treatment that the foreign country grants to nationals.
The foreigner, neither directly nor through a sole proprietorship, may be the holder of the authorization or license. [...]" (Radio and Television Law (Law No. 28278 of 16 July 2004), Article 24 [google translation])
------------------------
"Article 20.- Foreign participation in border areas
Legal persons with foreign participation cannot be holders of authorizations to provide the broadcasting service, within the border localities to the country of origin of their shareholders, partners or associates, or of the shareholders, partners or associates of foreign legal persons that they are made up, except in the case of public necessity authorized by supreme decree approved by the Council of Ministers.
This provision is not applicable to legal entities with foreign participation that have two or more current authorizations, as long as they are in the same frequency band. [...]" (Regulations on Radio and Television (Supreme Decree No. 005-2005-MTC of 15 February 2005), Article 20 [google translation])
Radio and Television Law (Law No. 28278 of 16 July 2004), Article 24 
Regulations on Radio and Television (Supreme Decree No. 005-2005-MTC of 15 February 2005), Article 20
[<a href="https://spij.minjus.gob.pe/spij-ext-web/detallenorma/H870310">Law</a>],[<a href="https://spij.minjus.gob.pe/spij-ext-web/detallenorma/H885716">Reg</a>]