George Soros is set to acquire a substantial stake in the nation’s second-largest radio company, which owns over 220 stations across the country, according to court documents and sources familiar with the matter.
The Soros Fund Management, headed by the left-leaning billionaire, has purchased $400 million of debt in Audacy, the second-largest radio broadcaster in the United States after iHeartMedia. Audacy’s stations include prominent ones like New York’s WFAN and 1010 WINS, as well as Los Angeles-based KROQ, as indicated in bankruptcy filings.
One individual close to the situation, who identified as a Republican, speculated that Soros might be acquiring the stake to wield influence on public opinion leading up to the 2024 presidential election.
“This is scary,” the source remarked. Sources informed The Post that Soros’s investment represents approximately 40% of the company’s senior debt, a significant portion that could grant effective control over the media giant upon emergence from bankruptcy. Soros acquired the debt at around 50 cents on the dollar from hedge fund HG Vora over the past few weeks, according to a source familiar with the matter.
Audacy confirmed Soros’s investment following reports of the deal.
“The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” Audacy stated in a release.
