Progressive billionaire George Soros is poised to take an outsized share of over 220 radio stations nationwide.
The New York Post reported that Soros Fund Management purchased $400 million of debt in Audacy, the second-largest radio broadcast company in the United States, according to bankruptcy filings:
One insider close to the situation, noting that he was a Republican, 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.
“This is scary,” the insider told The Post.
Soros owns about 40% of the company's senior debt, making him the largest shareholder once Audacy emerges from bankruptcy.
Sources close to the situation have said that Soros acquired the media giant's debt at around 50 cents on the dollar.
The Post continues:
Audacy confimed the Soros' investment after reports of the deal surfaced.
A hearing to approve the Audacy restructuring plan is slated for Feb. 20 before US Judge Christopher Lopez in a Houston bankruptcy court.
Under Audacy's current Chapter 11 bankruptcy plan, existing shareholders are expected to be wiped out.
Soros will receive stock from the restructured company as repayment.
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