Multimodal recommendation aims to enhance user preference modeling by leveraging rich item content such as images and text. Yet dominant systems fuse modalities in the spatial domain, obscuring the frequency structure of signals and amplifying misalignment and redundancy. We adopt a spectral information-theoretic view and show that, under an orthogonal transform that approximately block-diagonalizes bandwise covariances, the Gaussian Information Bottleneck objective decouples across frequency bands, providing a principled basis for separate-then-fuse paradigm. Building on this foundation, we propose FITMM, a Frequency-aware Information-Theoretic framework for multimodal recommendation. FITMM constructs graph-enhanced item representations, performs modality-wise spectral decomposition to obtain orthogonal bands, and forms lightweight within-band multimodal components. A residual, task-adaptive gate aggregates bands into the final representation. To control redundancy and improve generalization, we regularize training with a frequency-domain IB term that allocates capacity across bands (Wiener-like shrinkage with shut-off of weak bands). We further introduce a cross-modal spectral consistency loss that aligns modalities within each band. The model is jointly optimized with the standard recommendation loss. Extensive experiments on three real-world datasets demonstrate that FITMM consistently and significantly outperforms advanced baselines.