Rep. Chip Roy is accusing liberal billionaire George Soros of trying to fast-track his acquisition of a major radio company through the Federal Communications Commission (FCC).
“I write today regarding Soros Fund Management’s acquisition of over $400 million in debt held by Audacy — the second-largest broadcast radio station owner in the country. Of particular concern, the Soros groups are asking the Federal Communications Commission (FCC) to approve a change in ownership in Audacy without the FCC running its normal, statutorily required process,” Roy said in a letter.
“This transaction, which affects radio stations that reach millions of listeners across the U.S., including in Texas’ 21st congressional district, should — at minimum — be subject to rigorous FCC oversight to ensure U.S. radio stations are not subject to undue influence.”
Soros’ investment firm became the largest shareholder of Audacy last month, which owns local radio stations across the country. Audacy filed for bankruptcy earlier this year.
Soros Fund Management was involved in a similar corporate restructure last year when it was one of the companies that acquired Vice Media after its bankruptcy filing last year.
Now, however, Roy raised alarm over Audacy also requesting that federal officials grant it a temporary exemption to existing FCC rules that forbid foreign company ownership of U.S. radio stations to exceed a 25% share, which would normally slow down the approval process.
