Audacy will head to bankruptcy court after months of delays fueled by GOP allegations over Soros’ stake in radio giant

Audacy will head to bankruptcy court after the FCC agreed to conduct a foreign-ownership review with a new, post-bankruptcy version of the radio giant, a move that comes after months of delays, the result of GOP fearmongering and antisemitism over the Soros Fund Management acquisition of Audacy debt.

Audacy will head to bankruptcy court after the Federal Communications Commission agreed to conduct a foreign-ownership review with a new, post-bankruptcy version of the radio giant, a move that comes after months of delays, the result of GOP fearmongering over the Soros Fund Management acquisition of Audacy debt. The radio company’s court appearance comes after it filed for Chapter 11 bankruptcy in January, and when it disclosed it was entering a restructuring agreement to reduce debt from about $1.9 billion to $350 million. In February, Bloomberg reported the Soros Fund Management picked up over $400 million of the radio company’s debt, making it the largest contributor among a group of lenders looking to exchange loans for stock. Audacy’s day in court also comes months after the radio giant approached the FCC in March, requesting a full foreign-ownership review while also asking the commission to delay the review until after its bankruptcy court appearance, an FCC spokesperson said. In its request, the radio giant emphasized that it believed about 22% of a new, post-bankruptcy Audacy would be foreign-owned, requesting a review out of an abundance of caution. Audacy, an internet radio conglomerate, operates hundreds of music, news and sports radio stations. The company, founded in 1968 as Entercom Communications, merged with CBS Radio in 2017, operating as Radio.com before rebranding as Audacy in 2021. Per US broadcast ownership rules, the FCC sets the limit on the number of radio and TV stations an entity can own. The commission is also required to review foreign investments in radio station licenses and has a 25% benchmark for such investments from foreign individuals, governments, and corporations. Foreign investors can acquire up to 100% of a US broadcaster or radio station, but such requests must similarly be approved by the FCC and are not approved if the commission deems foreign ownership goes against the public interest. Notably, Soros Fund Management, which was created by the Hungarian-born US investor in 1970, is a privately held investment firm chaired by the billionaire. Attacks on Soros have increased in recent years, just as antisemitic attacks have also risen, many of which stem from right-wing influencers, who vocally champion the international strongmen Soros opposes. Soros, who publicly donates to Democratic candidates and liberal causes, is also the founder and major contributor of the Open Society Foundations, which aims to work for justice, democratic governance and human rights.