George Soros poised to control 220 radio stations via $400M Audacy bailout, stoking fears of progressive billionaire leading second-biggest US network during 2024 election
By
JAMES REINL, SOCIAL AFFAIRS CORRESPONDENT, FOR DAILYMAIL.COM
PUBLISHED: 10:07 EST, 15 February 2024 | UPDATED: 10:08 EST, 15 February 2024
Link:
https://www.dailymail.co.uk/news/ar...ilout-billionaire-network-2024-election.html/
George Soros looks set to control radio company Audacy and its more than 220 stations nationwide, stoking fears of an ultra-progressive billionaire having a megaphone during the 2024 election.
Soros Fund Management has bought up more than $400 million of the radio and podcast company's highest-ranking debt, bankruptcy court filings show.
That would make Soros' investment firm the biggest shareholder when Audacy emerges from bankruptcy.
Audacy is the nation's second-largest radio broadcaster behind iHeartMedia.
Billionaire philanthropist George Soros has become a bogeyman for US conservatives over multimillion dollar payouts to progressive political causes aligned with the Democratic Party
https://www.dailymail.co.uk/news/ar...ners-took-possession.html?ico=related-replace
It runs New York's WFAN and 1010 WINS, and Los Angeles-based KROQ, bankruptcy filings show.
The debt buyout has alarmed
conservatives, who have railed against Soros' multimillion dollar payouts to progressive political causes aligned with the
Democratic Party.
One conservative X/Twitter account said the Hungarian-born financier will 'use the stations to attempt to influence voters in the coming elections'
Audacy filed for bankruptcy in January
'How long do you think that guy will allow all of those conservative radio stations to stay in operation?' added Stacy Washington, a right-of-center podcaster and commentator.
Audacy in a statement called the cash injection a 'significant vote of confidence in our company and the future of the radio and audio business.'
Soros Fund Management and lawyers for the creditors didn't immediately answer requests for comment.
It's just the latest media investment for Soros, who became a bogeyman for US conservatives after throwing millions behind liberal District Attorneys' election campaigns.
Conservatives say the Audacy deal would buy Soros influence over the airwaves in the 2024 election
The plan requires approval from Houston bankruptcy court, which is set to hear the case on February 20
The fund was part of a group that paid $350 million for bankrupt Vice Media last summer.
It earlier took a minority stake in podcast company Crooked Media, a podcasting outfit founded by former Obama administration officials.
Audacy filed for bankruptcy in January, crushed by some $1.9 billion of long-term debt.
Including lease obligations and other commitments, the company reported $2.67 billion in debt at the time of the filing.
Under Audacy's bankruptcy plan, existing shareholders would be wiped out, and high-ranking creditors would be repaid with stock in the restructured company.
That plan requires approval from Houston bankruptcy court, which is set to hear the case on February 20.
