Earlier this month, an investment firm founded by George Soros acquired upwards of $400 million in debt from the nation’s second-largest radio network, allowing them to gain a stake in the media conglomerate.
Bankruptcy filings reveal that Soros Fund Management acquired $414.9 million worth of debt owed by Audacy, the second largest network of radio stations in the United States.
According to a press release, Audacy is currently pursuing a restructuring arrangement that would give debt holders equity stakes in the company proportional to the debt they are owed. However, the arrangement is still under consideration and is subject to court approval.
Audacy owns more than 200 radio stations nationwide and is only exceeded in size by iHeartMedia.
This is just the latest in a series of media-related actions taken by organizations tied to Soros. Entities connected to him have poured money into local news stations, purchased newspapers and other radio stations and bankrolled pro-Democratic news websites.
In 2022, Latino Media Network purchased a group of 18 Spanish language radio stations operating nationally for approximately $60 million, leading to several radio hosts leaving their respective stations.
The group was funded by a loan from Lakestar Finance, an investment firm where Soros Fund Management serves as the “principal investment manager,” according to an SEC filing.
The purchase came amid heightened concerns among Democrats that the Democratic party was losing Hispanic support.
Millions of dollars in funding have been given to local news operations from Soros’ philanthropic arms in recent years as well. The Foundation to Promote Open Society gave nearly $2 million to the Lenfest Institute between 2019 and 2022, according to a grant database.
That same foundation gave another $500,000 to the Institute for Nonprofit News between 2020 and 2022, according to the grant database.
Both the Lenfest Institute and the Institute for Nonprofit News give support and funding to local news outlets across the nation, with the Institute for Nonprofit News making a part of its mission to instruct outlets on how to better integrate “racial equity and inclusion.”
Several Republicans have expressed concern that Soros may be seeking to acquire public influence in order to sway the result of the 2024 election, with one source telling the New York Post, “This is scary.”
