The Democrat-majority Federal Communications Commission (FCC) is fast-tracking progressive billionaire George Soros' takeover of the second-largest radio network in the United States just months before the 2024 presidential election.
In February, Soros Fund Management purchased $400 million of debt in Audacy, which is the No. 2 U.S. broadcaster after iHeartMedia, the New York Post reported, citing bankruptcy filings.
The network, which owns more than 220 stations nationwide and reaches 165 million monthly listeners, broadcasts a small number of conservative shows from hosts including Erick Erickson, Sean Hannity, Mark Levin, and Dana Loesch.
Their days at a Soros-controlled station could be numbered, a source with knowledge of the deal told the Post.
"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 assume control of the bankrupt network, Soros Fund Management needs the FCC to make an exception and allow a larger than usual percentage of foreign money to purchase it.
Foreign company ownership of U.S. radio stations is not permitted to exceed 25% under existing FCC rules. A filing acquired by the Post shows that Soros asked the commission to make an exception in Audacy's case, however.
FCC Commissioner Brendan Carr is sounding off about the potential agency assist, telling the Post, "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 said. "The FCC should not be skipping steps or waiving required agency processes."
Rep. Chip Roy, R-Texas, wrote the FCC in late April that the Soros group was trying to waive the usual process and "put it off until sometime down the road — indicating that those foreign stakeholders will be given 'special warrants' in the meantime."
Newsmax reached out to the FCC for comment but did not immediately hear back.
A representative for Soros Fund Management told the Post the company does not comment on ongoing transactions.
It's the latest move into American radio for the left-leaning financier's eponymous company. In 2022, it brokered Univision's $60 million sale of 18 primarily conservative Hispanic radio stations and also acquired the liberal podcast network Crooked Media.
The Post's sources said that Soros' stake in Audacy is around 40% of the company's senior debt, which could give him effective control when it emerges from bankruptcy, despite not being a majority.
Coming just five months before the 2024 presidential election, the timing of the deal has raised questions, as well as eyebrows.
One Republican source told the Post it was possible that Soros was buying the stake in the broadcasting giant to influence public opinion in the run-up to November's election.
"This is scary," the source said.
Nicole Weatherholtz ✉
Nicole Weatherholtz, a Newsmax general assignment reporter covers news, politics, and culture. She is a National Newspaper Association award-winning journalist.
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