A managed fund with ties to left-wing billionaire George Soros has bought more than $400 million in debt from radio giant Audacity and plans to make it the company’s largest shareholder, a report revealed on Wednesday.
Citing court filings: new york post beginning report Soros Fund Management purchased an astonishing amount of debt associated with Audacy, which filed for bankruptcy in January. According to the filing, Soros Fund Management is one of Ad Hoc First Lien Group’s 13 creditors and holds the largest share of Audacy’s debt compared to other holders. Indicated. The second-largest creditor holds just over $68 million of the company’s debt.
The move would make the group “the largest shareholder in Audacy as the radio and podcast company emerges from bankruptcy,” according to Bloomberg’s Ashley Carman and Amelia Pollard. I got it..
“Audacy’s bankruptcy plan would wipe out existing shareholders and repay senior creditors with their shares in the reorganized company. The proposal requires bankruptcy court approval,” they report. did.
audacy offer access The company’s website says it covers 230 broadcast brands and has “90% coverage in the top 45 markets.” The company reaches 165 million listeners each month through its stockpile of stations.
“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 to Bloomberg News.
Audacy’s most notable subsidiaries include 1010 WINS and WFAN in New York, WEEI and Magic 106.7 in Boston, and WBBM and 670 the Score in Chicago.of Los Angeles Times Note Audacy owns KROQ, KNX, KCBS, and KTWV in the Los Angeles market.
The move underscores how Soros-linked groups are gaining a foothold in the media world. In July 2023, Solo Fund Management became part of a larger financial institutions group. obtained Vice Media after filing for bankruptcy. In addition, Lakestar Finance, a group associated with Soros Fund Management, will provide financing to Grupo Latino Media Network, which acquired 18 Spanish-language stations from Univisión Televisa in June 2022. Supported.
Radio Mabumbi, a Spanish-language talk show in Miami, Fla., that was acquired from Univision, faced anger from employees and a massive walkout after the move. Univision reportedly offered key employees $120,000 in bonuses to stay.
