George Soros appears poised to take over radio company Audacy and its more than 220 stations across the country, raising fears of an ultra-progressive billionaire owning a megaphone during the 2024 election.
According to bankruptcy court filings, Soros Fund Management has acquired more than $400 million of the radio and podcast company's highest-ranking debt.
When Audacy files for bankruptcy, Soros ‘investment company would become the largest shareholder as a result.
Behind iHeartMedia, Audacy is the second-largest radio broadcaster in the country.
The cash injection was described by Audacy as a “significant vote of confidence in our company and the future of the radio and audio business.”
Requests for comment were not immediately responded to by Soros Fund Management or the creditors ‘attorneys.
Existing shareholders would be eliminated under Audacy's bankruptcy plan, and high-ranking creditors would receive stock in the restructured business in return.
Houston bankruptcy court will hear the case on February 20 and must approve that plan.
