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According to reports, George Soros is attempting to take over the country’s second-biggest radio network with the aid of the Democrat-controlled Federal Communications Commission (FCC).
“Soros, 93, pumped $400 million into Audacy in February, a network which reaches 165 million monthly listeners and includes a handful of conservative shows from hosts including Sean Hannity, Dana Loesch, Mark Levin, Glenn Beck and Erick Erickson,” the New York Post reports.
Dem-majority FCC helping George Soros fast-track takeover of nationwide radio network: ‘This is scary’ https://t.co/qwAWqy9e2Z pic.twitter.com/f58qymwyaQ
— New York Post (@nypost) June 18, 2024
From the New York Post:
A source with knowledge of the deal told The Post: “The idea that George Soros is buying hundreds of local radio stations right before a national election and will keep broadcasting Sean Hannity and other conservative talk radio hosts on Audacy is not credible.”
However, to take control Soros Fund Management needs help from the FCC as the money funneled into buying the bankrupt network comes from abroad.
Under existing FCC rules, foreign company ownership of US radio stations is not allowed to exceed 25% — but a filing acquired by The Post details Soros’ asking the commission to make an exception.
FCC Commissioner Brendan Carr is raising an alarm that was first set off by Texas Congressman Chip Roy (R-Texas) in April.
“This transaction, which affects radio stations that reach millions of listeners across the U.S., including in Texas’ 21st congressional district, should — at minimum — be subject to rigorous FCC oversight to ensure U.S. radio stations are not subject to undue influence,” Roy wrote in a letter.
“Audacy owns more than 220 local radio stations in over 40 markets, and is the second-largest American radio group behind iHeart,” a press release from Roy’s office read.
“The Soros group says that skipping the foreign ownership review at this time will enable the FCC to expedite its approval of the Soros applications and thus allow them to more quickly realize their ownership interests in, and take the reins at, these hundreds of local radio stations across the country,” Roy said.
“George Soros is demanding the FCC fast-track his take over of radio behemoth Audacy, which owns the second-most broadcast radio stations in the country. We’re calling on the FCC to do its job and stop this hostile takeover of America’s airwaves,” Media Research Center wrote.
WATCH:
George Soros is demanding the FCC fast-track his take over of radio behemoth Audacy, which owns the second-most broadcast radio stations in the country.
We’re calling on the FCC to do its job and stop this hostile takeover of America’s airwaves.
Full Story:… pic.twitter.com/PeQ7N4wcRc
— Media Research Center (@theMRC) April 22, 2024
Per Newsmax:
It’s the latest move into American radio for the left-leaning financier’s eponymous company. In 2022, it brokered Univision’s $60 million sale of 18 primarily conservative Hispanic radio stations and also acquired the liberal podcast network Crooked Media.
The Post’s sources said that Soros’ stake in Audacy is around 40% of the company’s senior debt, which could give him effective control when it emerges from bankruptcy, despite not being a majority.
Coming just five months before the 2024 presidential election, the timing of the deal has raised questions, as well as eyebrows.
One Republican source told the Post it was possible that Soros was buying the stake in the broadcasting giant to influence public opinion in the run-up to November’s election.
“This is scary,” the source said.
