George Soros Fund Buys $400 Million Stake In 227 US Radio Stations Going Into 2024 Election

FCC FAST-TRACKS SOROS’ BID TO DOMINATE THE AIRWAVES Last week, the FCC adopted an order to approve his purchase of more than 200 radio stations in 40 markets just weeks before the presidential election. The stations reach more than 165 million Americans, and staff at the FCC are concerned that the move is politically motivated. The commission’s three democrats voted for the move, while the two republicans voted against it. Under existing FCC rules, foreign company ownership of U.S radio stations is not supposed to exceed 25%.  Soros took foreign investment to make his bid and then filed a request for the commission to make an exception to the usual review process. The decision to fast-track the approval process bypassed a national security review, which could have taken up to a year to complete.

Billionaire hedge fund manager George Soros has been the target of controversy recently after a recent move to become a controlling shareholder in the second-largest owner of radio stations in the U.S.

This isn’t the first media brand Soros has bought a substantial stake in, but it worries some people going into the 2024 election. Last year, Soros bought a substantial stake in Vice Media Group. Vice was once worth nearly $6 billion, but Soros bought a stake in the company for pennies on the dollar following its surprise bankruptcy in 2023. The deal valued Vice at roughly $350 million with Soros owning an undisclosed stake in the company.

Audacy, the No. 2 U.S. radio broadcaster behind iHeartMedia, recently filed for bankruptcy. The company owns 227 major radio stations in 27 states and 45 cities across the U.S. These include some of the biggest channels in New York; Memphis and Chattanooga, Tennessee; Denver; Washington D.C., Miami and Orlando, Florida; Atlanta; Baltimore, Maryland; Wichita, Kansas; Austin, Dallas and Houston, Texas; Richmond, Virginia; and many major cities across California as well as several other prominent markets across the U.S.

The bankruptcy plan, which would convert debt purchases into equity ownership, saw Soros purchase roughly 40% of Audacy’s debt, according to The New York Post. While that isn’t a true 51% controlling stake, it’s likely to be one of the largest, if not the largest, stakes in the company potentially giving the Soros Fund effective control of Audacy, The Post reported in February.

Some have voiced concerns about this purchase going into the 2024 election. Soros is a well-known political advocate for left-leaning politicians and is often one of the largest donors to such politicians in countries around the world. Soros donated over $140 million to political causes in 2021 and $170 million to the 2022 mid-term elections.

George Soros taking ‘shortcut’ to buy 200+ US radio stations, FCC commissioner says

https://youtu.be/L1JYvO5801A?si=yiS7xV1q7X6Ur2M3

Commissioner Brendan Carr of theFederal Communications Commission is sounding the alarm over a pending purchase which would allow billionaire Democratic donor George Soros to purchase hundreds of U.S. radio stations.

During a House Oversight Committee hearing last week, Carr objected to a deal that would allow a Soros-backed group to take ownership of 200 stations across 40 markets. He claimed the FCC was deviating from its normal procedure by allowing the purchase to take place.

“I think what’s interesting about it is that the FCC is not following its normal process for reviewing transactions that it has established over a number of years,” Carr warned. “It seems to me the FCC is poised, for the first time, to create an entirely new shortcut.”

The transaction, which was reported by The National Desk in February, would break a rule preventing more than 25% foreign ownership of U.S. radio stations, Carr alleges. Despite this, Carr claimed the agency was expediting its review process.

“What we usually do is require people to file a petition with us, bring in the National Security Agency to review the foreign ownership—it’s probably no big deal here—but we review that foreign ownership and then we vote,” Carr said. “Here, they’re trying to do something that’s never been done before at a commission level.”

Rep. Nick Langworthy, R-N.Y., said during the hearing he was “extremely alarmed” by the purchase.

“Looking at the facts, it seems the administration is giving a left-wing billionaire, who is a major donor, a close ally, one of the chief funders of all of their efforts and their dark money, a free pass to take control of hundreds of local radio stations, flooding the airwaves with leftist propaganda and I think it’s blatant,” he said.

The FCC did not respond to a request for comment from The National Desk Tuesday. source

George Soros closer to controlling 200 radio stations despite objection from Trump-nominated FCC commissioner

Trump-nominated Commissioner Nathan Simington blasted the process

The Federal Communications Commission (FCC) seemingly approved a deal that would “fast-track” left-wing billionaire George Soros’ acquisition of more than 200 Audacy radio stations across America, irking a Republican commissioner who “objected.”

The New York Post first reported that the FCC last week “adopted an order to approve Soros’ purchase of more than 200 radio stations in 40 markets just weeks before the presidential election,” potentially allowing the far-left kingmaker to reach more than 165 million Americans at a critical time.

“The FCC decision came after a partisan vote with the commission’s three Democrats voting for the move while the two Republicans voted against it, sources added,” Post reporter Lydia Moynihan wrote.

“Under existing FCC rules, foreign company ownership of US radio stations is not supposed to exceed 25%. Soros took foreign investment to make his bid and then made a filing asking the commission to make an exception to the usual review process, according to public documents,” Moynihan added. “The FCC decision to fast-track his deal is the first time in modern history such a deal has been approved by the full Commission without first running the national security review process—a process that could take up to a year or more.”

The Soros group told the Post they would circle back to the FCC in the near future to run that process. If the deal goes through, Soros would be considered a “major shareholder,” but not necessarily the “owner” of the stations.

An FCC spokesperson told  us that “no decision is final until the Commission releases it, which we have not.”

“The Commission has a long-standing process for reviewing transactions that involve emergence from bankruptcy,” the spokesperson added, noting that the application before the Commission pertains to a transfer from Audacy in bankruptcy, to Audacy post-bankruptcy.

Some inside the FCC object to the notion the move was some sort of shortcut or “fast-tracked” for Soros, pointing to a similar process used to under the previous administration in the bankruptcy proceedings of Cumulus Media in 2018, iHeart Media in 2019, Liberman Television in 2019, Fusion Connect in 2019, Windstream Holdings in 2020, America-CV Station Group in 2021, and Alpha Media in 2021.

However, Trump-nominated Commissioner Nathan Simington blasted the process and said it was, indeed, fast-tracked.

“The FCC has a practice of permitting entities temporarily to exceed foreign ownership caps when emerging from bankruptcy—and the majority, over my objection, did so here. But that wasn’t the only way in which this item was ‘fast-tracked,’” Simington told Fox News Digital.

“Commission leadership tried to approve the item at the staff level, with nothing but a 48-hour notice to Commissioners on a summer Friday. There is almost no factual record on the item because there was almost no attempt to do a real public interest analysis,” Simington continued. “Not a single Commissioner outside of the Chairwoman was invited to even think about the issue until staff was directed to handle it on our behalf without our votes. That’s the true ‘fast-track.’”

Commissioner Brendan Carr, the senior Republican on the Federal Communications Commission, previously expressed concern about a Soros-backed group taking control of Audacy.

“This Soros-backed group is looking to buy the second-largest radio station group in the country… some of them are in Pennsylvania, Virginia, and Florida. The vast majority are probably music or sports, but there are a handful in those states that carry conservative talk radio,” Carr said on Fox News Channel’s “The Ingraham Angle.”

“There is a concern,” Carr added. “The FCC should not be creating this special Soros shortcut.”

The FCC is HELPING George Soros buy up radio stations?!

A group backed by George Soros is buying up more than 200 Audacy radio stations in the U.S. and FCC Commissioner Brendan Carr confirms to Glenn that the FCC is helping fast-track the acquisition! Carr joins Glenn to expose this never-before-seen move by the FCC, which he objected to. He also weighs in on just how suspicious this acquisition is, especially since most investors are taking money OUT of the radio industry. So, does this purchase have anything to do with influencing the 2024 election?

Transcript

Below is a rush transcript that may contain errors

GLENN: I want to tell you what happened with the FCC yesterday. So last week, this just came out. Last week, the FCC adopted an order to approve the purchase of more than 200 radio stations, in 40 markets.

Just a couple of weeks, before the presidential election. Now, I don’t think this is going to affect the presidential election.

But he’s — the one who is behind this is George Soros.

George Soros just bought 200 radio stations, in 40 different markets. Now, the vote came down in the FCC, it was partisan. Three Democrats voting for it.

Two Republicans voting against it.

But here’s — here’s the real problem.

According to existing FCC rules. Foreign company ownership of US radio stations is not supposed to exceed 25 percent. But Soros took foreign investment money to make his bid.

And then he asked the FCC to make an exception, to the usual review process.

So they — the FCC fast tracked this.

Why? Why would they that do?

There’s something else, that is really important. You know the — the — the left has been saying, we’ve got to get off of dial-up. We’ve got to get off of dial-up.

We need high-speed Internet for the rural areas. Well, for some reason, the FCC has delayed the rollout of the internet, to rural communities.

Again, why are they doing that?

Maybe the guy who has the answer is the FCC commissioner.

He’s Brendan Carr.

Brendan, how are you, sir?

BRENDAN: I’m doing great. Wonderful to join you again.

GLENN: I wish we could talk on good things.

You know, call me sometimes when something — when something great would happen.

Brendan, tell me, do I have this right, first of all, about the George Soros takeover of radio stations? And if so, why was there an exception made and fast tracked?

BRENDAN: Well, you note — you had the story out last week. Or actually yesterday.

That says, that the FCC, last week, adopted an order. That effectively fast tracked Soros’ purchase of a 200 radio station.

But I haven’t commented on that publicly. Because the fact is the FCC hasn’t released a final decision to the public. The reporting is that we adopted it, last week in a three-two vote.

I didn’t — outspoken on this particular issue. The reasons you talked about. We have a very clear process that we set up. It could take six months to a year that we’re going through.

But for reasons that are not sort of plain to me. The FCC commission, for the very first time ever, has skipped that process. For the benefit of this Soros-backed group. It sort of lets people draw their own conclusions about it.

But, again, it’s an unprecedented decision for the commission.

GLENN: Never happened before.

BRENDAN: That’s right. We at the commission level, adopted one way. That you can buy radio stations, if you have accepted foreign ownership, which they do.

And that one process is the lengthy six to one year national security review.

And it’s been — now, a lot of these stations are probably just classic rock or news.

But not all of them.

GLENN: And they don’t have to be.

BRENDAN: Yeah.

Conversations — there’s at least three stations that you’re on, that are part of this deal thing with Sean Hannity, same with Dana Lash. Same with Mark Levin. And so there are at least subtleties that are conservative news and talk outlets.

GLENN: I’ve got to tell you, if this was a conservative doing this, I doubt the FCC would have okayed it. Any ramifications? Go ahead.

BRENDAN: Yeah. Well — yeah, Glenn, we actually have that example.

So not too long ago. A year ago. There was a group of conservative buyers.

That wanted to purchase some south Florida radio station. And a number of Democrats spoke up very loudly and said the FCC cannot allow these conservative outlets to buy these radio stations.

Because in the Democrat’s view, it can cost them an election in south Florida. And I missed that pressure campaign. The conservative buyers abandoned the deal. So we’ve seen across-the-board conservative efforts by Democrats. To sort of weaponize the government, to go against conservative speech. There was California Democrats in Congress, that wrote letters to cable companies, telling them to drop Fox News, Newsmax, and OAN because of the editorial decisions, that their news room information — we had a Baltimore resident call on the FCC, to investigate a local TV station that was exposing her own corruption.

And so this is sort of the reverse side of a pattern, that we’ve been living under the last couple of years, of weaponization of government power.

In my view, frankly against free speech.

GLENN: Now, we are told, everywhere, that radio is a dying medium. Why would George Soros want to invest this kind of money?

What did he say in his request?

BRENDAN: It’s a good question. Look, I don’t know a lot of billionaires right now. That with all the options with where they’re going to place their money. To sit around and say, you know what kicks off like cash right now.

Is the local radio station.

Maybe. Maybe. But if any reason, we’re seeing the opposite.

We’re seeing a flight of capital from local broadcasting, because it’s so challenged right now with competitions from social media companies and over the top providers. So maybe there’s a business there, that they’re smart enough to see. That everyone else doesn’t see.

That’s really not the direction can of the Capitol, we’re seeing right now.

GLENN: And the foreign investment.

Do we know who these people are?

BRENDAN: No, we don’t. So the Audacy stations win the bankruptcies. And the Soros group put together a bunch of investors to buy it out, and they have come forward and said, you know, there’s in essence, 25 percent, which is the threshold, of foreign entities.

That are investing.

It’s more likely than not, there’s no big deal there at all.

But the fact is, we usually run a national security group to identify whose those are, and whether they’re fine or not.

And what Soros has said, that is in the near term, to wall off those foreign stakeholders, and then come back to the FCC down the road. To run that longer, sort of six-month to one-year process.

So I do think we need to stay vigilant here.

This is an issue. At least that portion of it, that we’ll come back here before the FCC in the coming months.

GLENN: Any idea how long it will take, before he has control?

BRENDAN: I think it will be almost instantaneous.

You know, after the FCC releases a final decision, that approves it.

You know, they’ve already been hardly getting them out of bankruptcy.

But I think it will be a near instantaneous ability to take the reins of all these 200 stations. The FCC’s decision if this reporting is right.

GLENN: Such a game we’re playing here.

When — when do you suppose, if this reporting is right, they will report on the vote that you were involved in?

BRENDAN: I think the reporting that I see, Jeff said, it could within the next week or so.

GLENN: Okay. So this could actually take place before the election.

BRENDAN: Oh, yeah. I would expect that for sure. Well ahead of it.

GLENN: Talk to me about the other really weird, that happened. With the high-speed Internet. In rural areas.

BRENDAN: Well, this is interesting. There seems to be a pattern emerging within the Biden Harris administration, of this fight, investing billions and billions of everybody. Taxpayer dollars. Leaving rural America behind, when it comes to connectivity. Back in 2019, or 2020, we cut a deal, with EchoStar with Dish. To guarantee, that they would provide 5G high-speed internet to rural America. It was part of a DOJ settlement. It was actually litigated in court.

It was adopted by the full commission. Then in a Friday afternoon news dump last week, the FCC’s leadership, any public input being sought, relieved Dish/EchoStar of the obligation. It was just a one-sentence entry. You know, licensing database.

And frankly, I have been at the FCC for 12 years. I have never seen anything like that.

It’s sort of the worse abuse of process that I’ve seen in the agents. You know, we have rural Americans guaranteed to get this service. It was a June 2025, build-out obligation.

And Dish/EchoStar came in and asked for relief and on Wednesday — sorry, Tuesday night, last week. And by Friday, this massive, you know, relief was provided without any input from me or I’m assuming at least the Republican commissioner that I’m with.

GLENN: I’m trying to piece this together. Why — why would that happen?

BRENDAN: Well, I think there are still a lot of questions to be answered. You know, there was some sort of deal that was cut here.

The features of which, have not been publicly disclosed.

You know, and I just think, there’s one way we still have to ask a lot of questions.

This was a rumor, a lot earlier over the weekend. That a company. Dish Echo could potentially go bankrupt before the election, if they didn’t get this relief. That’s just a rumor. I don’t know if it’s true. But, certainly, I think there’s a lot more to this.

Because, again, the only thing the FCC did was enter a one-sentence line, licensing, database, granting its extension.

So I think the agency has a lot more explaining to do, to justify this decision.

GLENN: I — thank you very much for your courage, for speaking out and being the guy you are.

I mean, I’ve been in this business for, you know, almost 50 years.

And I’ve never even thought of an FCC commissioner.

Because they weren’t — you know, they just didn’t — I don’t know.

They didn’t have that much affect, on, you know, every day life.

And the things that are come out of the FCC now. Are truly, I think frightening.

Especially if you’re on my end of the microphone.

It is — it’s stuff I’ve never seen before.

As you say, you’ve been a commissioner for 12 years. You’ve never seen it before.

And it doesn’t make a lot of sense.

Unless you start to think like a — you know, like a thriller writer, then it becomes more terrifying.

Brendan, thank you.

BRENDAN: Enjoy it. And one day I’ll come back on, and we’ll have some good news and stuff. I’m sure, it will happen at some point. source