Left-leaning billionaire George Soros is prepping to take a huge stake in Audacy, America's second-largest radio company with its more than 220 stations nationwide, the New York Post reported Wednesday, citing court filings and sources close to the matter.
Soros Fund Management has, according to the report, bought $400 million of debt in Audacy. The Post reported the bankruptcy filings. The Post said the radio giant filed for bankruptcy protection in January with close to $2 billion in debt.
The Post acknowledged an "insider close to the situation," who is reportedly a Republican. That person speculated Soros may be buying the big stake to exert a greater influence as the November election draws near.
How much did the Hungarian-born financier pay? As per sources speaking to the Post, he "scooped up the debt" in recent weeks, parceling out roughly "50 cents on the dollar" from a hedge fund called HG Vora. Audacy confimed the investment amid reports of the acquisition, the Post said.
A federal court hearing concerning the debt restructuring is set for Feb. 20 in Houston.
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