Billionaire and left-wing philanthropist George Soros is buying up debt to take control of the country’s second-largest radio station, Audacity.
Court filings and sources close to the situation Said of new york post Soros Fund Management “purchased $400 million in debt from Audacy, the second largest radio broadcaster in the United States after iHeartMedia.” station Those include New York’s WFAN and 1010 WINS, as well as Los Angeles-based KROQ, according to the bankruptcy filing. ”
Soros could potentially control more than 220 radio stations across the United States. A Republican official familiar with the situation told the outlet that Soros may be trying to potentially influence public opinion in the media during the 2024 election.
“This is scary,” the official said.
If Mr. Soros is successful, he would likely own a 40% stake in the company’s senior debt, giving him greater control of the company once it emerges from bankruptcy. He won’t get a majority.
Audacy’s lawyer (AUDA.PK) said on Monday that the radio station aims to complete its bankruptcy court case within two months. (CFOTO/Future Publishing via Getty Images)
“In the past few weeks, Soros has racked up about 50 cents on the dollar from hedge fund HG Bora, according to people close to the situation.” post.
“Audacy’s current Chapter 11 bankruptcy plan is expected to wipe out existing shareholders,” it added. “High-ranking creditors, such as Mr. Soros, will be repaid with shares in the reorganized company.”
Audacy filed for bankruptcy on January 7, with $1.9 billion in debt, but acknowledged the investment from Soros.
“The decision by our existing and new debtors to become Audacy equity holders represents a significant vote of confidence in the future of our company and our radio and audio business,” Audacy said in a statement.
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