Rep. Chip Roy has accused liberal billionaire George Soros of attempting to expedite his acquisition of a major radio company, Audacy, through the FCC. Soros’ investment firm became the largest shareholder of Audacy last month, which owns local radio stations across the country. Roy raised concerns over Audacy’s request for a temporary exemption to existing FCC rules that limit foreign company ownership of U.S. radio stations to 25%, which would normally slow down the approval process. He criticized the Soros group for requesting the waiver of the usual petition for declaratory ruling process, which would involve the FCC reviewing and assessing foreign ownership interests as part of the transaction review.
Audacy filed for bankruptcy earlier this year, and its restructuring deal, involving Soros’ firm and others, has been approved by the courts, pending FCC approval. Roy expressed worries about the Soros group seeking to expedite the approval process by skipping the foreign ownership review, allowing them to acquire ownership and take control of local radio stations across the country more quickly. The Soros group has reportedly asked for a waiver to put off the foreign ownership review until a later date while granting special warrants to foreign stakeholders in the meantime. Roy raised alarms about potential undue influence on U.S. radio stations and the need for thorough FCC oversight to prevent abuse of the rules for fast-tracking the acquisition.
Roy stated that he had been contacted by constituents concerned about Soros’ apparent move in the radio industry and highlighted the need to understand the situation with the FCC and raise awareness of potential abuses of the rules for acquiring ownership in local radio stations. Audacy’s restructuring deal, involving Soros’ firm, has been approved by the courts and is now awaiting FCC approval. The Soros group’s request for a waiver of the foreign ownership review process has triggered criticisms from Roy, who believes that the FCC should conduct a thorough review to prevent undue influence and ensure compliance with existing regulations.
Soros Fund Management had previously been involved in a similar corporate restructuring of Vice Media, which it acquired after the company’s bankruptcy filing last year. Now, with the acquisition of Audacy and the request for an exemption to the foreign ownership limit, questions have been raised about the motives and potential influence of the Soros group in the radio industry. Roy’s concerns about the FCC’s fast-tracking of the approval process and the potential impact on local radio stations across the country have prompted him to call for increased scrutiny and oversight to protect against abuses of the rules and ensure fair competition in the market.
Critics have expressed worries about Soros’ growing influence in various sectors, including media and politics, with his son, Alex Soros, reportedly having multiple visits to the White House and meetings with lawmakers. The extent of Soros’ involvement and potential impact on the media landscape and political landscape has raised concerns among lawmakers like Roy, who are calling for transparency and accountability in the approval process for acquisitions like Audacy’s restructuring deal involving Soros’ firm. The outcome of the FCC’s final decision on the Audacy acquisition will likely have implications for the future of the radio industry and the level of competition and diversity in the market.
