"The FCC appears to be bypassing standard processes and procedures in an unprecedented way to benefit a Democrat megadonor..."
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The House Committee on Oversight and Accountability has launched an investigation into the Federal Communications Commission’s (FCC) fast-tracking of Democrat billionaire George Soros’ purchase of over 200 US radio stations.
"The Committee on Oversight and Accountability is investigating an apparent attempt by the Federal Communications Commission (FCC) majority to interfere in the 2024 election and politicize the work of the FCC," the letter from Chairman James Comer and Rep. Nick Langworthy to FCC Chairwoman Jessica Rosenworcel began.
"The FCC appears to be bypassing standard processes and procedures in an unprecedented way to benefit a Democrat megadonor acquiring a major equity stake in hundreds of local radio stations across the country."
The letter noted that Soros is "attempting to purchase $415 million in debt in a Chapter 11 reorganization of Audacy, Inc., a company that owns over 200 radio stations," and if the purchase goes through, Soros and his company Soros Fund Management will become a "major" shareholder.
"The Audacy, Inc. deal, which will lead to Audacy, Inc. being partially ‘directly or indirectly controlled’ by foreign individuals or entities holding ‘more than one-fourth of the capital stock’ will require FCC approval to determine whether ‘the public interest will be served by the refusal or revocation of such license.’ In carrying out this statutory mandate under the Communications Act, FCC has years-long established processes and procedures for adjudicating broadcast licenses in such situations, most recently updated in 2016,” the letter stated.
The letter noted a committee hearing in which Commissioner Brendan Carr testified that the FCC in the Soros deal "is not following its normal process for reviewing a transaction," and that "the full commission itself has never signed off on a shortcut like this.”
“What we usually do is we require people to file a petition with us. We bring in national security agencies, they can review the foreign ownership… Here, they’re trying to do something that’s never been done before at the commission level," The GOP congressmen added. A national security review could take up to 6 months.
"Despite the unprecedented nature of this action, the FCC majority has apparently decided to approve licenses on an accelerated timeframe for a company in which George Soros has a major ownership stake, and with stations in 40 media markets reaching 'more than 165 million Americans.' By all appearances, the FCC majority isn’t just expediting, but is bypassing an established process to do a favor for George Soros and facilitate his influence over hundreds of radio stations before the November election," the letter added.
The committee is seeking all documents and communications related to radio station licenses associated with Audacy or Soros Fund Management, FCC action taken in regard to the licenses, and all documents and communications containing the terms "George Soros" or "Soros Fund Management."
Carr posted his dissenting statement on the FCC’s 3-2 decision to approve the deal on X, which stated, "The Commission’s decision today is unprecedented. Never before has the Commission voted to approve the transfer of a broadcast license—let alone the transfer of broadcast licenses for over 200 radio stations across more than 40 markets—without following the requirements and procedures codified in federal law."
"The Committee on Oversight and Accountability is investigating an apparent attempt by the Federal Communications Commission (FCC) majority to interfere in the 2024 election and politicize the work of the FCC," the letter from Chairman James Comer and Rep. Nick Langworthy to FCC Chairwoman Jessica Rosenworcel began.
"The FCC appears to be bypassing standard processes and procedures in an unprecedented way to benefit a Democrat megadonor acquiring a major equity stake in hundreds of local radio stations across the country."
The letter noted that Soros is "attempting to purchase $415 million in debt in a Chapter 11 reorganization of Audacy, Inc., a company that owns over 200 radio stations," and if the purchase goes through, Soros and his company Soros Fund Management will become a "major" shareholder.
"The Audacy, Inc. deal, which will lead to Audacy, Inc. being partially ‘directly or indirectly controlled’ by foreign individuals or entities holding ‘more than one-fourth of the capital stock’ will require FCC approval to determine whether ‘the public interest will be served by the refusal or revocation of such license.’ In carrying out this statutory mandate under the Communications Act, FCC has years-long established processes and procedures for adjudicating broadcast licenses in such situations, most recently updated in 2016,” the letter stated.
The letter noted a committee hearing in which Commissioner Brendan Carr testified that the FCC in the Soros deal "is not following its normal process for reviewing a transaction," and that "the full commission itself has never signed off on a shortcut like this.”
“What we usually do is we require people to file a petition with us. We bring in national security agencies, they can review the foreign ownership… Here, they’re trying to do something that’s never been done before at the commission level," The GOP congressmen added. A national security review could take up to 6 months.
"Despite the unprecedented nature of this action, the FCC majority has apparently decided to approve licenses on an accelerated timeframe for a company in which George Soros has a major ownership stake, and with stations in 40 media markets reaching 'more than 165 million Americans.' By all appearances, the FCC majority isn’t just expediting, but is bypassing an established process to do a favor for George Soros and facilitate his influence over hundreds of radio stations before the November election," the letter added.
The committee is seeking all documents and communications related to radio station licenses associated with Audacy or Soros Fund Management, FCC action taken in regard to the licenses, and all documents and communications containing the terms "George Soros" or "Soros Fund Management."
Carr posted his dissenting statement on the FCC’s 3-2 decision to approve the deal on X, which stated, "The Commission’s decision today is unprecedented. Never before has the Commission voted to approve the transfer of a broadcast license—let alone the transfer of broadcast licenses for over 200 radio stations across more than 40 markets—without following the requirements and procedures codified in federal law."
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