According to court documents and sources familiar with the matter, it has been reported that George Soros is poised to acquire a significant stake in the nation's second-largest radio company, which boasts ownership of over 220 stations across the country.
The Soros Fund Management, led by a prominent billionaire with progressive leanings, has acquired $400 million of debt in Audacy, the second-largest radio broadcaster in the United States, trailing only iHeartMedia. Audacy's stations, including well-known ones like New York's WFAN and 1010 WINS, as well as Los Angeles-based KROQ, are mentioned in bankruptcy filings.
According to a source familiar with the matter, a person who identified as a Republican suggested that Soros could be purchasing the stake in order to exert influence on public opinion ahead of the 2024 presidential election.
"This is quite unsettling," the source commented. According to sources, The Post has learned that Soros's investment makes up around 40% of the company's senior debt. This sizable portion could potentially give Soros effective control over the media giant once it emerges from bankruptcy. According to a source familiar with the matter, Soros purchased the debt from hedge fund HG Vora at a discounted price of around 50 cents on the dollar over the past few weeks.
Audacy confirmed that Soros has indeed made an investment, which comes after reports of the deal surfaced.
"The decision by our existing and new debtholders to become equity holders in Audacy is a clear indication of the trust they have in our company and the promising future of the radio and audio industry," Audacy expressed in a statement.
The Soros Fund Management, led by a prominent billionaire with progressive leanings, has acquired $400 million of debt in Audacy, the second-largest radio broadcaster in the United States, trailing only iHeartMedia. Audacy's stations, including well-known ones like New York's WFAN and 1010 WINS, as well as Los Angeles-based KROQ, are mentioned in bankruptcy filings.
According to a source familiar with the matter, a person who identified as a Republican suggested that Soros could be purchasing the stake in order to exert influence on public opinion ahead of the 2024 presidential election.
"This is quite unsettling," the source commented. According to sources, The Post has learned that Soros's investment makes up around 40% of the company's senior debt. This sizable portion could potentially give Soros effective control over the media giant once it emerges from bankruptcy. According to a source familiar with the matter, Soros purchased the debt from hedge fund HG Vora at a discounted price of around 50 cents on the dollar over the past few weeks.
Audacy confirmed that Soros has indeed made an investment, which comes after reports of the deal surfaced.
"The decision by our existing and new debtholders to become equity holders in Audacy is a clear indication of the trust they have in our company and the promising future of the radio and audio industry," Audacy expressed in a statement.
