Should the deal go ahead, the billionaire financier would part-own broadcasters in 45 US states
Liberal financier George Soros has bought a major stake in the US’ second-largest radio company and could gain “effective control” of more than 220 stations across the country, the New York Post reported on Wednesday.
Soros Fund Management purchased around $400 million of debt owed by the Audacy media group during its bankruptcy process, the newspaper reported, citing court filings. The billionaire bought the debt at roughly 50 cents on the dollar from hedge fund HG Vora, the report continued, noting that once the deal is approved by a bankruptcy court, Soros will own about 40% of Audacy’s overall debt.
While 40% is not a majority stake, a source told the New York Post that Soros could nevertheless gain “effective control of the media giant when it emerges from bankruptcy.”
Audacy owns 227 music, sports, and talk radio stations in 45 US states. The company also owns CBS Radio, which operates 11 news stations including San Francisco’s KCBS and New York’s WCBS. After years of declining revenue, Audacy filed for bankruptcy early last month with $1.9 billion in debt.
Should the deal go ahead as reported, Audacy will be the latest addition to Soros’ growing media empire. Soros Fund Management joined a consortium of creditors to purchase Vice Media last summer, paying $350 million to acquire a former media juggernaut once valued at $5.7 billion.
An “insider source” cited by the New York Post described the Audacy deal as “scary,” saying he believed that Soros intended to use his stake to influence public opinion ahead of this year’s presidential election.
A hedge fund manager who shot to infamy for crashing the British pound in 1992, Soros is among the wealthiest men on earth, with an estimated net worth of around $7 billion. That’s on top of the $32 billion he’s donated to a web of NGOs, charities and political campaigns through his Open Society Foundations.
Soros is an advocate for mass immigration to Western countries, European federalism, and economic and political liberalism. He was the largest donor of the 2022 US midterm election season, funneling $128 million to Democratic candidates and organizations. As well as direct donations to candidates and activist groups, Soros reportedly gave $300,000 to a group of TikTok influencers who collaborated with the White House to promote President Joe Biden’s policies.
The Open Society Foundations announced last year that Soros, who is 93 years old, would step down from the helm of the organization and hand control to his 38-year-old son, Alex.
