Earlier this month, the investment firm founded by George Soros acquired over $400 million worth of debt owed by the nation’s second-largest radio network in a ploy to gain a stake in the media conglomerate, the latest in a series of media-related moves made by organizations tied to Soros.
Soros Fund Management has acquired over $400 million worth of debt owed by Audacy, the nation’s second-largest network of radio stations, bankruptcy filings show. Soros and entities linked to him have previously poured money into local news operations, funded the acquisition of newspapers, purchased other radio stations and bankrolled pro-Democrat news websites.
Audacy is currently pursuing a restructuring arrangement that would give debt holders equity stakes in the company proportional to the debt they are owed, the company announced via press release. The arrangement allowing people holding company debt to become equity shareholders is subjectto court approval, according to Audacy.
One individual close to the situation, a Republican speaking to the New York Post, said that he believes Soros may be seeking to acquire the stake to influence public opinion ahead of the 2024 election.
Audacy owns more than 200 radio stations nationwide, only being exceeded in size by radio giant iHeartMedia.
The Audacy purchase is just the latest in a series of moves made by Soros and his affiliated philanthropies to involve themselves in media operations.
Some radio hosts left the stations purchased by the Soros-backed group, citing editorial disputes.
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