Far-left billionaire George Soros plans to seize control of Audacity’s 220 US radio stations ahead of the 2024 presidential election. new york post report.
The hedge fund manager’s investment management firm, Soros Fund Management, bought $400 million in radio platform debt.
Audacy (formerly Radio.com) is the second largest radio station after iHeartMedia. Last month, the company filed for Chapter 11 bankruptcy protection. announced It has been revealed that pre-arranged restructuring support agreements have been reached with the majority of debtors. The plan will reduce the company’s total debt from $1.9 billion to $350 million, according to an Audacy news release.
The company’s restructuring plan, which must be approved, is scheduled to be reviewed by U.S. Judge Christopher Lopez on February 20.
David J. Field, Chairman, President and CEO of Audacy, said: “Over the past several years, we have developed complementary leading positions in his acquisition of CBS Radio and podcasting, audio networks, live events, digital marketing solutions, and direct-to-consumer streaming platforms.”
“While our transformation has strengthened our competitiveness, the perfect storm of persistent macroeconomic challenges faced by the traditional advertising market over the past four years has resulted in a significant multi-billion dollar decline in cumulative radio advertising spending. That led to a decline,” Field continued. “These market factors have seriously impacted our financial position and necessitated the restructuring of our balance sheet. Our large scale leadership position, uniquely differentiated premium audio content, With our strong capital structure and strong capital structure, we believe Audacy is well-positioned to continue to innovate and grow in the dynamic audio business.”
Mr. Soros’ shares, acquired over the past few weeks at 50 cents on the dollar, represent about 40% of the senior debt, people familiar with the matter told The Post.
Audacy later acknowledged Soros’ investment.
“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,” the company said.
After the company filed for Chapter 11 last year, Vice Media was sold to lenders including Soros Fund Management, Fortress Investment Group and Monroe Capital.
One person told the Post they fear Soros’ acquisition of Audacy could be used to influence public opinion in the run-up to the 2024 presidential election. “This is horrifying,” said the official, who described himself as a Republican.
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