The Communications Act, specifically 47 USC §397(6), states that a noncommercial educational broadcast station must be owned and operated by a public agency or a nonprofit private foundation, corporation, or association. Furthermore, 47 USC §397(8) defines “nonprofit” as an entity where none of the net earnings benefit any private shareholder or individual.
With all that aside, because Social Purpose Corporations have the capacity to generate profits and distribute them to shareholders or individuals, they do not meet the definition of “nonprofit” as outlined in paragraph 8 of section 397.