George Soros, the Hungarian-born billionaire activist, is making headlines once again as his investment firm, Soros Fund Management, is set to acquire a controlling stake in Audacy, America’s second-largest radio station chain. This move comes after the investment firm purchased a significant portion of Audacy’s debt, which will be converted into stock as part of the company’s bankruptcy restructuring.
Audacy, based in Philadelphia, owns hundreds of radio stations across the country, including popular stations like New York’s WFAN and 1010 WINS, Los Angeles-based KROQ, and Boston stations WEEI, Mix 104.1, and Magic 106.7. The company filed for Chapter 11 bankruptcy earlier this year to reduce and restructure its $1.9 billion debt. The restructuring plan aims to convert approximately $1.6 billion of funded debt into equity, resulting in a significant reduction of debt for Audacy.
While the news of Soros’s investment has drawn attention, it has also sparked a range of reactions, particularly on social media. Soros is known for his support of left-leaning causes and has used his wealth to fund various progressive initiatives. Some individuals expressed concern about Soros’s influence over a major American media network, with former New York State Assemblyman Dov Hikind taking to Twitter to express his disapproval. Hikind even tagged Elon Musk, urging him to consider outbidding Soros’s investment firm.
Elon Musk, the CEO of SpaceX and Tesla and owner of X (formerly known as Twitter), has been a vocal critic of Soros and his support for left-leaning policies. Musk has accused Soros of undermining civilization by funding leftist district attorneys and influencing the political landscape. He believes that Soros’s strategy involves donating to election campaigns to get local officials elected who share his views, allowing him to push policies without changing the laws. Musk has expressed his opinion that Soros fundamentally hates humanity.
Soros’s Open Society Foundation, the philanthropic organization he founded, did not respond to Musk’s remarks. Soros has faced allegations of using his wealth to push progressive policies, with some district attorneys he supported earning the nickname “Soros-funded DAs.” In response, Soros has defended his donations to “reform-minded prosecutors” and stated that he has no intention of stopping.
It is worth noting that Soros’s son, Alex Soros, has taken on a more significant role in the Open Society Foundations, with George Soros ceding control to him. Alex Soros has expressed concerns about a potential victory by former President Donald Trump or another “MAGA-style” candidate in the 2024 election, as it could pose a threat to the globalist agenda.
The acquisition of Audacy by Soros Fund Management represents another significant investment in media for Soros. In 2020, his investment firm was part of a group that purchased Vice Media out of bankruptcy for approximately $350 million.
Final bankruptcy court approval for Audacy’s restructuring plan is expected in February, followed by clearance from the Federal Communications Commission. Audacy’s CEO, David Field, has attributed the company’s financial challenges to a “perfect storm of macroeconomic challenges” that led to a sharp reduction in radio ad spending.
For George Soros, this investment in Audacy further solidifies his presence in the media landscape. As one of the most influential and controversial figures in the world, Soros’s involvement in major media outlets continues to attract attention and raise questions about the impact of his wealth and political beliefs on the industry.
