Sale of Audacy chain to George Soros approved by FCC

The approval comes as Audacy emerges from bankruptcy, with Soros Fund Management set to become the largest stakeholder by acquiring around $415 million of the company’s debt. The deal has raised concerns among conservative commentators and radio hosts about the potential impact on the editorial slant of the stations, particularly those that currently feature conservative programming. Critics, including FCC commissioners Brendan Carr and Nathan Simington, have voiced objections to the process, suggesting it was rushed and lacked proper public interest analysis. The implications of Soros’ ownership could extend beyond immediate programming changes, as observers speculate on the influence of his son, Alex Soros, in the future management of the stations.

Background of the Deal

• Bankruptcy Context: Audacy declared bankruptcy in March 2024, prompting the need for a reorganization plan that would allow it to emerge financially viable.
• Ownership Structure: The FCC typically restricts foreign ownership of U.S. radio stations to 25%, but a temporary waiver was granted for this deal, which has drawn scrutiny.

Political Reactions

• Republican Concerns: The approval has alarmed Republican officials, who fear that Soros’ progressive views may lead to a silencing of conservative voices on major talk radio stations.
• Democratic Support: The FCC’s decision reflects a partisan split, with Democratic commissioners supporting the fast-tracked approval, while their Republican counterparts opposed it.

Future Implications

The approval of this acquisition is seen as a significant shift in the media landscape, potentially altering the diversity of viewpoints available to listeners across the country. As Soros takes control, the future of conservative programming in major markets remains uncertain, raising questions about the broader consequences for media ownership and political discourse in the U.S.