OAN’s James Myers
2:42 PM – Wednesday, February 14, 2024
Left-leaning billionaire George Soros plans to buy the nation’s second-largest radio company, according to court filings and sources familiar with the matter.
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Soros Fund Management has bought out $400 million in debt from Audacity, which owns more than 220 radio stations across the United States.
According to Republican insiders who spoke to the paper, new york postHe believes Soros may have been buying stocks in the months leading up to the 2024 presidential election to influence public opinion.
“This is scary,” the official said.
Mr. Soros’ stake represents nearly 40% of the company’s senior debt, a high enough percentage that he could effectively control the media giant once it emerges from bankruptcy, the people said. .
Additionally, Audacity also confirmed Soros’ investment after multiple sources confirmed the deal.
“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.
Meanwhile, a public hearing to approve the Audacity reconstruction plan is scheduled for February 20th.th in Houston bankruptcy court.
This comes after the radio company filed for bankruptcy on January 7th.th After racking up $1.9 billion in debt.
Audacy’s current Chapter 11 bankruptcy plan would exclude shareholders who own stock in the company.
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