PHG Media Invest LLC is a company registered in the US state of Wyoming that the website of the Romanian news channel Realitatea Plus lists as its owner. Its registered office is a Sheridan, Wyoming, address shared by large numbers of companies that use it for registration purposes. Wyoming is a popular jurisdiction for such filings because it requires little public disclosure of ownership. The LLC takes the name of PHG Media Invest SRL, the Romanian company that holds the Realitatea Plus broadcast license. According to the channel’s lawyer, the US company took over the Romanian license holder and has the same beneficiary, Daniela Madi Păcuraru, wife of businessman Maricel Păcuraru. Romania’s broadcast regulator, the National Audiovisual Council, refused to approve the change of ownership, which the company had carried out without the prior approval required under Romanian broadcast law.