by Josh Kosman and Ariel Zilber at New York Post
George Soros is poised to take a massive stake in the nation’s second-largest radio company, which owns more than 220 stations nationwide, according to court filings and sources close to the situation.
The left-leaning billionaire’s Soros Fund Management has bought up $400 million of debt in Audacy — the No. 2 US radio broadcaster behind iHeartMedia with stations including New York’s WFAN and 1010 WINS, as well as Los Angeles-based KROQ, according to bankruptcy filings.
One insider close to the situation, noting that he was a Republican, said he believed it was possible Soros was buying the stake to exert influence on public opinion in the months leading up to the 2024 presidential election.
“This is scary,” the source said.
Sources told The Post that Soros’s stake is equal to about 40% of the company’s senior debt — a massive chunk which, although not a majority, could yield effective control of the media giant when it emerges from bankruptcy.
Soros scooped up the debt during the past few weeks at roughly 50 cents on the dollar from hedge fund HG Vora, according to a source close to the situation.
Audacy confimed the Soros’ investment after reports of the deal surfaced.
“The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” Audacy said in a statement.
Soros Fund didn’t respond…
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