George Soros just seized control of the nation’s second largest radio broadcaster ahead of 2024 elections

Feb 22, 2024

Socialist billionaire George Soros is continuing his efforts to remake the United States in his own warped image.

And despite rumors of his retirement, he is still going full steam ahead.

Now George Soros has seized control of the nation’s second largest radio broadcaster ahead of 2024 elections.

Radical left-wing billionaire George Soros is all set to seize control of Audacy’s 220 United States radio stations, according to the New York Post

Already spending hundreds of millions to change the course of history

The move by Soros comes just ahead of the 2024 Presidential election.

Soros Fund Management, the hedge fund manager’s investment management company, has already purchased some $400 million of the radio platform’s debt.

Audacy, formerly known as Radio.com, is the second-largest radio broadcaster in the country behind iHeartMedia. 

Despite its size, last month the company filed for Chapter 11 bankruptcy and announced that it had reached a restructuring agreement with a supermajority of its debtholders. 

According to a news release from Audacy, the restructuring plan will allow it to reduce its total debt from $1.9 billion to $350 million.

The company’s restructuring plan, which requires judicial approval, was scheduled to be reviewed by United States Judge Christopher Lopez on February 20.

David J. Field, chairman, president, and CEO of Audacy, stated, “Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company through our acquisition of CBS Radio and by building leading complementary positions in podcasting, audio networks, live events, digital marketing solutions, and our direct-to-consumer streaming platform.”

“While our transformation has enhanced our competitive position, the perfect storm of sustained macroeconomic challenges over the past four years facing the traditional advertising market has led to a sharp reduction of several billion dollars in cumulative radio ad spending,” Field continued. 

“These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring. With our scaled leadership position, our uniquely differentiated premium audio content, and a robust capital structure, we believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business.”

Soros continues his media buying spree

Sources told the New York Post that Soros’ stake in the company — which he bought up over the past few weeks for just 50 cents on the dollar — is now equal to roughly 40% of its debt.

Audacy has since confirmed Soros’ investment in 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,” the company stated.

This is not Soros’s first media purchase.

Last year, Vice Media was sold to lenders, including Soros Fund Management, after the company filed for Chapter 11.

One source told the Post he is concerned that Soros’ acquisition of Audacy will be used to spread left-wing propaganda to the American people and try to change their views leading up to the 2024 presidential election. 

The source said, “This is scary.”

Scary indeed.

Hot Take Politics will keep you up-to-date on any developments to this ongoing story. 

Latest Posts: