(TheProudRepublic.com) – In a bombshell report, the Democratic-led Federal Communications Commission (FCC) is speeding up progressive billionaire George Soros’ acquisition of the second-largest radio network in the U.S. just months before the 2024 presidential election.
The New York Post reported, citing bankruptcy filings, that Soros Fund Management bought $400 million of Audacy’s debt in February.
Being the second-largest U.S. broadcaster after iHeartMedia, Audacy owns over 220 stations nationwide and reaches 165 million monthly listeners. It airs conservative shows hosted by Erick Erickson, Sean Hannity, Mark Levin, and Dana Loesch.
A source familiar with the deal hinted that conservative voices may not continue on a Soros-controlled network.
“The idea that George Soros is buying hundreds of local radio stations right before a national election and will keep broadcasting Sean Hannity and other conservative talk radio hosts on Audacy is not credible,” the source said.
To take control of the bankrupt network, Soros Fund Management needs FCC approval to exceed the usual limit on foreign investment in U.S. radio stations, currently capped at 25%.
According to a filing, Soros requested the FCC to grant an exception for Audacy.
FCC Commissioner Brendan Carr criticized the potential special treatment, saying, “The FCC should not create a special Soros shortcut.”
“When it comes to a broadcast station acquisition of this size and magnitude – hundreds of radio stations across more than 45 markets – the FCC needs to run its full and normal review process,” Carr stated. “The FCC should not be skipping steps or waiving required agency processes.”
Moreover, Representative Chip Roy (R-TX) also raised concerns in a letter to the FCC, alleging that Soros’ group aimed to bypass standard procedures and delay scrutiny.
This move marked Soros’ latest venture into American radio. In 2022, his firm facilitated Univision’s sale of 18 predominantly conservative Hispanic radio stations for $60 million and acquired the liberal podcast network Crooked Media.
Other sources estimated Soros’ share in Audacy at approximately 40% of the company’s senior debt, potentially granting effective control post-bankruptcy despite lacking a majority stake.
The timing of the deal, just months before the 2024 presidential election, has prompted speculation and concern among critics.
Additionally, a Republican source expressed apprehension and suggested Soros’ acquisition could be aimed at shaping public opinion ahead of the November election.
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