What Is George Soros Up To In Radio Stations?
George Soros's Potential Acquisition of Over 200 Radio Stations: What You Need to Know
In recent weeks, news has been circulating about billionaire George Soros's potential acquisition of over 200 radio stations across the United States. This development has sparked controversy and raised questions about media ownership and influence. Let's break down the key points of this unfolding story.
The Audacy Deal
Soros Fund Management, the investment firm of George Soros, is poised to become the largest shareholder of Audacy, the second-largest radio broadcaster in the U.S.[1] Audacy owns 220 American radio stations across 40 markets, reaching an estimated 165 million listeners monthly[1].
Key details of the deal:
- Soros's firm purchased approximately $400 million of Audacy's debt after the company declared bankruptcy in January 2024[1][2].
- The deal would give Soros's group control over more than 200 radio stations nationwide [1].
FCC Approval and Controversy
The Federal Communications Commission (FCC) has reportedly approved the purchase, though the decision is not yet final[1][3]. This approval process has been met with criticism and calls for investigation:
- The approval was granted in a 3-2 vote, with the three Democrats on the commission outvoting the two Republicans[1].
- Republican FCC Commissioner Brendan Carr has dubbed the expedited process a "Soros shortcut"[1][3].
- A U.S. House committee has vowed to investigate the FCC's quick approval of the acquisition[3].
Concerns and Implications
Several concerns have been raised regarding this potential acquisition:
1. **Foreign Ownership**: Under federal law, a corporation with more than 25% foreign ownership can hold no radio station license. The Soros group has acknowledged that their level of foreign ownership in Audacy will exceed this threshold[1].
2. **Political Influence**: Given Soros's well-known support for progressive causes, some worry about potential programming changes, especially for conservative voices currently broadcast on Audacy stations[1][3].
3. **Media Consolidation**: This acquisition represents a significant consolidation of media ownership, potentially affecting the diversity of voices in radio broadcasting[4].
Chicago's Radio Landscape
In Chicago, Audacy manages several prominent radio stations, including WXRT-FM, WUSN-FM, WBBM-AM, WBBM-FM, and WSCR-AM[2]. The potential change in ownership has sparked discussions about the future of these local stations and their programming.
What's Next?
As this story continues to develop, several key points remain to be resolved:
- The FCC's final decision on the approval of the deal[1][3][4].
- The outcome of the House Oversight Committee's investigation into the FCC's approval process[3][4].
- Potential legal challenges to the transaction, as hinted at by America First Legal (AFL)[3].
This acquisition, if finalized, could have significant implications for the radio industry, media ownership, and the broader landscape of public discourse in the United States. As more information becomes available, it will be crucial to monitor how this deal progresses and its potential impact on radio broadcasting nationwide.
Citations:
[2] https://www.axios.com/local/chicago/2024/02/21/george-soros-audacy-radio-stations-bankruptcy-deal
[5] https://www.washingtonexaminer.com/in_focus/3190140/george-soros-audacy-radio-deal-fcc-gop-uproar/
[7] https://finance.yahoo.com/news/george-soros-fund-buys-400-165211641.html
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