Billionaire and left-wing philanthropist George Soros has been buying up debt to acquire a controlling stake in the second-largest radio broadcaster in the country, Audacy.
Court filings and sources close to the situation told the New York Post that Soros Fund Management has “bought up $400 million of debt in Audacy — the No. 2 US radio broadcaster behind iHeartMedia with stations including New York’s WFAN and 1010 WINS, as well as Los Angeles-based KROQ, according to bankruptcy filings.”
Soros could than have control of more than 220 radio stations nationwide. One Republican insider close to the situation told the outlet that Soros could be trying to have media outlets to potentially influence public opinion during the 2024 election.
“This is scary,” the source said.
Should Soros prove successful, he will likely have a 40 percent stake in the company’s senior debt, which would give him strong control of the company when it emerges from bankruptcy. He will not have a majority.
Lawyers for Audacy (AUDA.PK) said on Monday the radio broadcaster is seeking to complete its bankruptcy court case in under two months. (CFOTO/Future Publishing via Getty Images)
“Soros scooped up the debt during the past few weeks at roughly 50 cents on the dollar from hedge fund HG Vora, according to a source close to the situation,” noted the Post.
“Under Audacy’s current Chapter 11 bankruptcy plan, existing shareholders are expected to be wiped out,” it added. “High-ranking creditors like Soros would be repaid with stock in the restructured company.”
Audacy, which filed for bankruptcy on January 7 with $1.9 billion in debt, confirmed the investment from Soros.
“The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” Audacy said in a statement.
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