(Newsworthy.news) – Billionaire philanthropist George Soros has made his latest investment in a major radio station chain, posing a possibility of him gaining control of the media giant.
The Audacy radio chain recently filed for bankruptcy due to serious debt, allowing the billionaire to swoop in and buy $400 million of the debt with his Soros Fund Management. The New York Post cited Audacy’s bankruptcy filings in a report published on February 15.
Audacy is the second largest radio broadcaster in the United States, coming just behind iHeartMedia and including well-known stations like WFAN and 1010 WINS in New York and KROQ in Los Angeles. According to the New York Post, the purchase comes down to roughly 40% of the radio giant’s debt, holding the potential for Soros to obtain ultimate control over the chain when it comes out of bankruptcy due to his investment.
Audacy’s chain runs over 220 radio stations throughout America, dipping into nearly every major market. The corporation filed for bankruptcy over a month ago, on January 7, with $1.9 billion of debt. Audacy said in a statement that its “new debtholders” decision to “become equity holders” gives them “a significant vote of confidence” that the business will get back on its feet.
The plan that would likely void the value of current shares still needs to be approved. A hearing to approve the company’s restructuring plan is scheduled for February 20 in a bankruptcy court in Houston, before United States Judge Christopher Lopez.
Some Republicans are concerned that the investment by the notoriously left-wing Soros is a move to censor conservative talk shows and opinions, intentionally timed leading up to the highly anticipated presidential election in November 2024.
Audacy hosts various political shows on its radio stations featuring notable Republican voices like Mark Levin, Sean Hannity and Guy Benson.
Although there has yet to be confirmation that Soros made the investment to thwart conservative media, concerned Republicans anticipate changes to the popular Republican channels.
Copyright 2024, Newsworthy.news
