SFM Spins Warshaw Claims As 'Fabricated'

The ongoing legal battle between Jeffrey Warshaw, CEO of Connoisseur Media, and Soros Fund Management (SFM), along with its Head of Media Investments Michael Del Nin, stems from an alleged broken verbal agreement related to Audacy's bankruptcy restructuring. 

Warshaw claims he was promised either the CEO position at Audacy post-reorganization or a 5% share of SFM's profits from its investment in the company, in exchange for his advisory role in sourcing and structuring the deal. 

SFM and Del Nin have consistently denied any such agreement existed, describing Warshaw's claims as "implausible" and "fabricated." 

The relationship between Warshaw and Del Nin began in September 2022, when a media banker introduced them as SFM sought to expand its radio investments. Their initial focus was on acquiring Cox Media Group's radio division, with Warshaw listed as an advisor on a July 2023 nondisclosure agreement. 

Warshaw alleges that during this period, Del Nin verbally promised him the CEO role for any acquired entity, plus a 5-6% profit share. The Cox deal collapsed in September 2023 due to unspecified issues.

Warshaw then pivoted to Audacy, which was undergoing Chapter 11 bankruptcy. In October 2023, he informed Del Nin that hedge fund HG Vora held a controlling stake in Audacy's distressed debt (over $400 million) and pitched a strategy for SFM to acquire it, allegedly securing the same CEO/profit assurances. 

Jeff Warshaw

Warshaw claims he introduced SFM to HG Vora that month and provided over a year of unpaid consulting from his Westport, Connecticut office, including advice on deal structure, FCC compliance, operations, and governance. This involved 125 phone calls (totaling 15+ hours), text exchanges (some using code words like "Defcon" for urgency), and an April 2024 dinner where Del Nin reportedly reaffirmed the promises.

SFM completed the Audacy debt acquisition in January 2024, emerging as the majority shareholder after the FCC approved Audacy's reorganization in September 2024. Audacy exited bankruptcy with David Field remaining as CEO (later replaced by Kelli Turner in January 2025), prompting Warshaw to email Del Nin for confirmation of their deal. 

Del Nin allegedly denied any agreement and cut off contact. Warshaw claims he forwent other partnerships (including potential deals with Cumulus Media) due to his exclusive commitment to SFM.

SFM counters that it had been analyzing Audacy independently since before meeting Warshaw, no formal or binding deal was ever made.