(DailyAnswer.org) – George Soros is set to take over Audacy’s 220 radio stations in the United States ahead of the 2024 election. The left-wing billionaire’s investment management company Soros Fund Management has purchased $400 million of Audacy’s debt.
Once called Radio.com, Audacy is the second-biggest radio broadcaster after iHeartMedia. Audacy CEO, president, and chairman David J. Field said that market factors have had a severe impact on the financial condition that required a restructuring of its balance sheets. Field stressed his belief that the company would continue to grow and innovate as a “dynamic audio business.”
Soros’ bailout has raised concerns about the level of power and influence the progressive billionaire could gain from leading the second-largest radio platform leading up to the presidential election. When the company recovers from bankruptcy, Soros will be its biggest shareholder. Houston bankruptcy court needs to hear the case on February 20 before it gets approved.
Soros Fund Management, together with Fortress Investment Group and Monroe Capital, has already acquired Vice Media in a $400 million deal in 2023 after the company filed for bankruptcy. Conservatives have expressed concerns that the billionaire, known for funding causes closely aligned with those of the Democrats, will use the multimillion bailouts to influence public opinion as the US approaches the presidential election. Soros has previously invested millions of dollars in funding the campaigns of progressive district attorneys who have more lenient stances on crime and have seen the removal of specific bail laws and scrapped the prosecution of some crimes, such as dangerous driving and theft.
Field’s leadership and focus on changing the company into a multi-platform content provider have propelled Audacy in the industry and made it stand out due to the diversity of its content, which ranges from politics to sports and music. Under the bankruptcy plan, the restructured company will repay high-ranking creditors in stock in the company. $2.67 billion in debt was reported at the time of the bankruptcy filing. Center-right podcaster Stacy Washington raised concerns about how long conservative radio stations would remain operating due to the growth of Soros’ broadcasting empire.
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