George Soros Fund, led by billionaire investor George Soros, has recently acquired a majority stake in bankrupt radio company Audacy. This move further solidifies Soros Fund Management’s control over the US radio industry. The investment in Audacy, the second-largest radio firm in the US, could be the beginning of a larger audio-buying spree for Soros Fund Management.
As the largest shareholder in Audacy, Soros Fund Management already owns 230 radio stations nationwide, including popular stations such as New York’s WFAN and 1010 WINS, as well as Los Angeles-based KROQ. The fund also owns a podcast arm that includes Cadence13 and Pineapple Street Studios. In addition to acquiring the majority stake in Audacy, Soros Fund Management took on approximately $400 million of Audacy’s debt.
Michael Del Nin, the fund’s lead media investor, has been arranging meetings with key players in the digital media and audio space. Del Nin has shown interest in acquiring companies such as Pushkin Industries, the podcasting and audiobook company co-founded by Malcolm Gladwell, and Lemonada Media, a podcast network known for its show “Wiser Than Me” with Julia Louis-Dreyfus. However, potential buyers for Lemonada Media have been hesitant due to the company’s high asking price.
While Soros Fund Management is expanding its presence in the radio and podcasting industry, there are regulations from the Federal Communications Commission that limit the number of radio stations a single entity can own. Despite this limitation, Soros Fund Management has shown a continued interest in the audio space. In September 2022, Soros also invested an undisclosed amount in liberal podcast network Crooked Media, which is home to the popular show “Pod Save America.”
This consolidation of control over US radio waves by George Soros Fund Management has raised concerns among Republican representatives. Some speculate that Soros may be using his stake in Audacy to exert influence on public opinion leading up to the 2024 presidential election. However, representatives for Soros Fund Management have not commented on these speculations.
It is worth noting that Soros Fund Management has made previous media investments, including playing a significant role in Univision’s sale of Hispanic radio stations in 2022. Soros’ youngest son, Alex Soros, recently took over the family’s holdings, including the nonprofit Open Society Foundations, which supports liberal causes with an annual budget of around $1.5 billion.
In another media play, a fund linked to Soros joined a consortium that acquired bankrupt Vice Media for $350 million. This acquisition marked the downfall of Vice, which was once valued at $6 billion.
Overall, George Soros Fund Management’s recent acquisition of a majority stake in Audacy signifies its growing influence in the US radio industry. With ownership of numerous radio stations and a podcast arm, the fund is positioning itself as a major player in the audio space. However, regulatory limitations and speculation about political influence have sparked concerns among some industry observers.
