Billionaire George Soros’s investment firm is poised to take control of Audacy, which owns 235 radio stations across its network.
Radio Listeners Brace Themselves for Change
Left-leaning billionaire George Soros of Soros Fund Management has bought up $400 million of debt in Audacy, the No. 2 US radio broadcaster behind iHeartMedia, with stations broadcasting all over America.
The debt buyout (read the legal paperwork here) would make Soros’ investment firm the biggest shareholder when Audacy emerges from bankruptcy. Under Audacy’s plan, existing shareholders are expected to be wiped out, while high-ranking creditors like Soros would be repaid with stock in the restructured company in a debt-for-equity swap.
Other Audacy lenders listed as first-lien debtholders include Solus Alternative Asset Management, Mockingbird Credit Opportunities Company, and Goldman Sachs Asset Management.
The prepackaged plan faced objections from just two creditors: computer and software provider Oracle America, and 5670 Wilshire Owner, the landlord for Audacy’s Los Angeles studios.
One insider close to the situation said he believed Soros might be buying the stake to influence public opinion in the months leading up to the 2024 presidential election.
Some of the stations in Audacy’s portfolio will include New York’s WFAN and 1010 WINS, Los Angeles-based KROQ, as well as Boston stations WEEI, Mix 104.1, Magic 106.7, along with these stations: WXRT-FM, WUSN-FM, WBBM-FM, WBBM-AM, WBMX-FM, and WSCR-AM.
Audacy, Inc. is an American broadcasting company based in Philadelphia, Pennsylvania. Founded in 1968 as Entercom Communications Corp., it is the third-largest radio company in the United States, owning 235 radio stations across 48 media markets.
Audacy, in a statement, called the cash injection a ‘significant vote of confidence in our company and the future of the radio and audio business.’
The company’s reorganization plan says they plan to cut more than $1.6 billion of Audacy’s debt.
Audacy Will Run “Business as Normal”
When asked about Soros’ influence, an Audacy spokesperson says the company intends “to continue running our business, executing our strategy and delivering for our listeners and advertisers as we always do.”
With the court signing off on the plan, Audacy expects to emerge from Chapter 11 after the company gets approval from the Federal Communications Commission.
“Today’s announcement marks a powerful step forward for Audacy, positioning the Company for an exciting future,” David Field, chairman, president and CEO of Audacy, said in a statement. “As expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.
“We aim to drive accelerated growth and financial performance, capitalizing on our scaled, leadership position, our uniquely differentiated premium audio content and the robust capital structure that we will have upon emergence,” Field added. “I also want to express my gratitude to our team, who continue their outstanding work to serve our listeners and customers with excellence and fulfill our commitments without missing a beat.”
Additional Audacy lenders named in the filing out of bankruptcy court include Goldman Sachs Asset Management, PGIM, SI Capital Commercial Finance, Solus Alternative Asset Management, and Mockingbird Credit Opportunities Company.
The Soros Family
On Valentine’s Day, George Soros’s Son, Alexander, 38, posted a picture of his new love interest, convicted pedophile Anthony Weiner’s Ex-wife, Huma Abedin, 47.
Alex Soros took over his father’s $25 billion empire last year.
George Soros has faced numerous allegations that he is using his vast wealth to push leftist progressive policies, and some district attorneys he helped get elected have been called “Soros-funded DAs.”
He wrote an op-ed explaining why he’s donated to “reform-minded prosecutors” and why he has “no intention of stopping.” “The funds I provide enable sensible reform-minded candidates to receive a hearing from the public. Judging by the results, the public likes what it’s hearing,” Soros wrote.
Soros Radio Stations and SiriusXM Advertising Through Election
The Soros Fund Management company was also part of a group that paid $350 million for bankrupt Vice Media last summer, who also took a minority stake in podcast company Crooked Media (tied to SiriusXM), a podcasting outfit founded by former Obama administration officials.
According to Insider Radio in an article from 2022, “Crooked Media signed an expanded deal with SiriusXM in March to handle advertising sales for the company through the 2024 election cycle and beyond. The agreement gives SXM Media exclusive global ad sales rights to Crooked Media’s lineup of podcasts. SXM Media also gained sales and sponsorship rights to digital video, social media, and live events produced by Crooked Media.”
In addition, Soros helped take over Latino Media Network, which purchased 18 radio stations from Univision and caused an uproar in Florida’s Latino population.
Further Reading
Soros Group Donates $250,000 To Charity With Ties to Hamas
Soros-backed District Attorneys Win Big In Midterms
Soros Backed ‘Good Information Foundation’ Asks Influencers to Post False Information!
George Soros Gives Stacey Abrams $1M To Win GA Gov. Race
Brother-in-law of Stacey Abrams, Federal Judge’s Husband Charged With Human Trafficking