Connoisseur CEO Sues Soros Management Fund

Jeff Warshaw, CEO of Connoisseur Media, is suing Soros Fund Management, alleging they breached an agreement related to plans to acquire Cox Radio and Audacy. 

Jeff Warshaw

Warshaw claims he played a significant role in orchestrating these deals but was excluded by Soros Fund Management, who denied any formal agreement existed and refused to compensate him for his contributions. This legal action follows Warshaw's recent acquisition of Alpha Media, which expanded Connoisseur Media's portfolio to 218 stations across 47 markets. 

In 2022, Jeff Warshaw, CEO of Connoisseur Media, began collaborating with Soros Fund Management’s Del Nin to acquire Cox Media Group’s radio division, signing a non-disclosure agreement in July 2023.

 The deal fell apart in September 2023 due to unspecified issues. 

Around the same time, Warshaw identified an opportunity to acquire Audacy’s debt from another investment firm, with Cumulus Media as a potential buyer. Warshaw alleges he shared this opportunity with Del Nin only after Del Nin agreed to appoint him as Audacy’s CEO or provide 5% of the fund’s profits from the deal. 

George Soros

According to Warshaw, Del Nin, representing Soros Fund Management, accepted these terms, prompting Warshaw to disclose Audacy as the target and refrain from pitching it to other investors.

After Soros Fund Management became Audacy’s largest shareholder following its Chapter 11 bankruptcy restructuring, Warshaw claims he emailed Del Nin to confirm their agreement and seek compensation. 

The lawsuit states Del Nin called Warshaw, denying their partnership, claiming no business relationship existed, and dismissing any contract as “fabricated.” Warshaw’s plan involved merging his Connecticut stations into the new venture, with Connoisseur’s Long Island, NY stations placed in a divestment trust to comply with market ownership limits.