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George Soros will soon own a major portion of the second-largest radio station network in the United States after buying up $400 million of debt in Audacy, per the New York Post.
Audacy runs more than 220 stations nationwide and is the second most popular radio station behind iHeartMedia. The transaction was made by the controversial Democrat billionaire philanthropist's investment firm Soros Fund Management. In recent weeks, Soros acquired the debt from hedge fund HG Vora for about fifty cents on the dollar, sources told the outlet.
Critics called the timing of the purchase into question and claimed that Soros, who has long meddled in US elections, did so in order to exert influence over the 2024 presidential election.
The outlet was informed by sources that Soros now owns over 40 percent of the company's senior debt, a sizeable portion that, although not a majority, may allow him to maintain effective influence over the media giant once it gets out of bankruptcy.
"This is scary," the insider told the outlet.
On January 7, Audacy declared bankruptcy due to $1.9 billion in debt. A hearing is scheduled for Feb. 20 to approve the company's restructuring plan in Houston bankruptcy court. US Judge Christopher Lopez will preside over the hearing.
It is anticipated that current shareholders will lose everything under Audacy's current Chapter 11 bankruptcy plan. Renowned creditors such as Soros would receive shares in the reorganized business as repayment.
This is not the first time Soros has dipped his foot into the media world.
Last year, Soros acquired far-left Vice Media for $400 million alongside Fortress Investment Group. Vice Media, once valued at $5.7 billion, went bankrupt after embracing woke ideology.
Additionally, a study released in July of 2023 revealed that Soros is responsible for funding at least 54 of the most influential liberal mainstream media figures in the world via donations to liberal groups affiliated with them.
Audacy runs more than 220 stations nationwide and is the second most popular radio station behind iHeartMedia. The transaction was made by the controversial Democrat billionaire philanthropist's investment firm Soros Fund Management. In recent weeks, Soros acquired the debt from hedge fund HG Vora for about fifty cents on the dollar, sources told the outlet.
Critics called the timing of the purchase into question and claimed that Soros, who has long meddled in US elections, did so in order to exert influence over the 2024 presidential election.
The outlet was informed by sources that Soros now owns over 40 percent of the company's senior debt, a sizeable portion that, although not a majority, may allow him to maintain effective influence over the media giant once it gets out of bankruptcy.
"This is scary," the insider told the outlet.
On January 7, Audacy declared bankruptcy due to $1.9 billion in debt. A hearing is scheduled for Feb. 20 to approve the company's restructuring plan in Houston bankruptcy court. US Judge Christopher Lopez will preside over the hearing.
It is anticipated that current shareholders will lose everything under Audacy's current Chapter 11 bankruptcy plan. Renowned creditors such as Soros would receive shares in the reorganized business as repayment.
This is not the first time Soros has dipped his foot into the media world.
Last year, Soros acquired far-left Vice Media for $400 million alongside Fortress Investment Group. Vice Media, once valued at $5.7 billion, went bankrupt after embracing woke ideology.
Additionally, a study released in July of 2023 revealed that Soros is responsible for funding at least 54 of the most influential liberal mainstream media figures in the world via donations to liberal groups affiliated with them.
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