Globalist billionaire George Soros is poised to save the United States’ second-largest radio broadcasting company from bankruptcy with a multi-billion-dollar investment—giving him a potentially controlling stake in more than 220 radio stations in the process.
According to court filings and sources close to the situation, the 93-year-old philanthropist’s Soros Management Fund has scooped up over $400 million in debt from radio and podcast company Audacy Inc., which owns 235 radio stations across 48 media markets. The company, formerly known as Radio.com, most notable holdings include New York’s WFAN and 1010 WINS, Los Angeles’ KROQ, and Chicago’s WBBM News Radio. Audacy is second only to iHeartMedia in scope and influence in the US.
George Soros will now be in control of 220 radio stations after paying $400 million in debt from Audacity
Here is just a small sample of that: pic.twitter.com/GU290EHhtc
— End Wokeness (@EndWokeness) February 15, 2024
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Facing a staggering $2.67 billion in debt, the company filed for bankruptcy in January and sought court approval to repay high-ranking creditors with stock after the restructuring. Existing shareholders are expected to be wiped out by the Chapter 11 agreement. While Soros Management Fund’s 40 percent stake in the debt—purchased at 50 cents on the dollar—is not enough to make it a majority holder, it could still potentially be enough to grant it effective control of the company.
“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.
An anonymous insider familiar with the situation, identified as a Republican by the New York Post, described the impending takeover as “scary” and suggested that a controlling stake in Audacy might allow the left-leaning Soros to sway public opinion ahead of the 2024 election.
Related: Alex Soros is Dating Anthony Weiner’s Ex-Wife Huma Abedin
This marks the latest in a series of legacy media buys by Soros.
Last summer, he joined with a group of lenders to pay out $350 million for bankrupt Vice Media, a declining outlet once valued at $6 billion. This same group also bought a minority stake in podcast company Crooked Media (which was founded by former Obama officials), as well as 18 Spanish-language radio stations.
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