Former FCC Chair Says There Are Valid Concerns With Audacy Deal

Lawmakers this week said they will investigate George Soros' 'shortcut' to buy Audacy's 200 radio stations before election.

Former FCC Chair Ajit Pai says there are valid concerns with the FCC allowing the far-left billionaire to buy more the group, which has the second highest number of stations in its portfolio.

Lawmakers investigating George Soros' 'shortcut' to buying radio stations before election | https://t.co/914MCUxkBL

— Tom Benson (@Tombenson1) October 4, 2024

David Field will remain president and CEO of the Philadelphia-based audio content company and the entire management team will also stay in place. Field will have a seat on the board but the remaining six members are newly appointed. Field does not hold a stake in the now-private company.

Soros Fund Management, acquired roughly $415 million of Audacy’s debt during the Chapter 11 process, making it the largest post-bankruptcy stakeholder in the company. Soros-led investment firm Laurel Tree Opportunities Corp. appointed three of the directors while other owners of Audacy's first-lien debt gained two board seats with second-lien holders holding one. Audacy declined to disclose which lenders appointed which board members.