OBS_VALUE: Any transfer of share capital, registered capital, cooperative capital, or the voting rights of a licensed broadcaster of at least 5 per cent or for a non-licensed broadcaster at least one third is subject to the obligation to notify. Moreover, article 48 of the law on radio and television states that broadcasting licences can only be transferred with permission from the authorities. If more than 20 per cent of the capital are transferred to a new owner, this must be approved, as it constitutes a transferal of the broadcasting licence in practice.