George Soros is known for a lot of things: being one of the richest men in the world, throwing billions of dollars behind Democrat candidates for offices ranging from president of the United States to city district attorneys, and funding a network of leftist dark money organizations under the umbrella of his "Open Society Foundations" that allow him to fund "the vast majority of the most prominent left-progressive advocacy groups in the United States," according to Influence Watch. After using his billions to advance leftist causes and help Democrats win elections, he's now opening another front outside of his "philanthropic" support of leftist organizations and Democrat politicians with a large stake in another industry that could have wide-reaching impacts on the way Americans consume information.
As the New York Post reported this week, Soros "is poised to take a massive stake in the nation's second-largest radio company" — Audacy — "which owns more than 220 stations nationwide, according to court filings and sources close to the situation." Audacy also hosts thousands of podcasts in addition to providing internet radio services for other stations and partners with CNN, Bloomberg, Cox Media, Disney Channels Worldwide, Urban One, Cumulus Media, and Townhall's parent company Salem Media Group.
According to the Post, Soros Fund Management snapped up "400 million of debt in Audacy," per "bankruptcy filings." A Republican source "close to the situation" who talked to the Post for its story called the deal "scary" and "said he believed it was possible Soros was buying the stake to exert influence on public opinion in the months leading up to the 2024 presidential election."
More on the deal from the New York Post:
Soros scooped up the debt during the past few weeks at roughly 50 cents on the dollar from hedge fund HG Vora, according to a source close to the situation.
Spokespeople for the Soros Fund didn’t respond to a request for comment. A spokesperson for HG Vora declined to comment.
A hearing to approve the Audacy restructuring plan is slated for Feb. 20 before US Judge Christopher Lopez in a Houston bankruptcy court.
Audacy filed for bankruptcy on Jan. 7 with $1.9 billion of debt.
Under Audacy’s current Chapter 11 bankruptcy plan, existing shareholders are expected to be wiped out.
High-ranking creditors like Soros would be repaid with stock in the restructured company.
The proposal requires bankruptcy court approval.