Congressman Chip Roy joins the Guy Benson Show
Congressman Chip Roy, Republican representative for Texas’ 21st District, member of the House Judiciary, Rules and Budget committees, and policy chair of the House Freedom Caucus, joined The Guy Benson Show.
First appearance on Fox: Congressman Chip Roy is accusing liberal billionaire George Soros of rushing to buy major radio companies through the Federal Communications Commission (FCC).
“Today I write about Soros Fund Management’s acquisition of more than $400 million in debt held by Audacity, the nation’s second-largest owner of broadcast radio stations. Of particular concern, Soros・The group is asking the Federal Communications Commission (FCC) to approve the bill. The ownership of Audacy was changed without the FCC going through the normal process required by law,” Roy said. stated in the letter.
“This transaction impacts radio stations listened to by millions of listeners across the country, including Texas’ 21st Congressional District, and we want to ensure that U.S. radio stations are not unduly influenced. At the very least, it should be subject to strict oversight by the FCC.
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Congressman Chip Roy (left) has drawn national attention to the acquisition of a large stake in a radio company by George Soros’ hedge fund. (Getty Images)
Last month, Mr. Soros’ investment firm became the largest shareholder in Audacity, which owns local radio stations across the United States. Audacy filed for bankruptcy earlier this year.
Soros Fund Management was among the companies that acquired Vice Media last year after it filed for bankruptcy, and was involved in a similar restructuring.
But Roy said that Audacity is asking federal regulators to grant it a temporary exemption from existing FCC rules that prohibit foreign companies from owning more than a 25% share of U.S. radio stations. This will raise caution and slow down the approval process that would normally occur.
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Audacy is the second largest radio network in the United States after iHeartRadio. (Getty Images)
“But instead of filing a motion for the normal declaratory award process that would allow the FCC to review and evaluate foreign ownership as part of a transaction review, the Soros Group waived that process and announced that “We have asked the FCC to postpone, suggesting that at some point foreign interested parties will be granted a ‘special warrant’ for the time being,” Roy wrote.
“Soros Group believes that by bypassing the foreign ownership review at this time, the FCC can expedite approval of Soros’ application, thereby allowing them to gain ownership rights to these hundreds of local radios sooner.” “We’re making it a reality and we’re going to be able to take the reins at stations across the country.” ”
Audacity’s restructuring agreement, which includes Soros’ companies and others, has been approved by a court and is now awaiting the final hurdle, FCC approval. inside radio.
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Roy told FOX News Digital that he has heard from constituents who have “reached out and raised issues and concerns about the extent to which Soros is clearly operating in the radio world.”
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“I wanted to ask these questions…to understand what’s going on at the FCC regarding this and to see if Mr. Soros’s people are using the rules to their advantage, and frankly the rules. “The idea was to raise public awareness of the extent to which it could be being exploited” to get in there quickly and grab that debt as a backdoor way to try to gain significant ownership over local radio. ” he said.
Fox News Digital has reached out to representatives for Audacity, the FCC and Soros for comment.
