Billionaire George Soros Funding the Anti-Billionaire Candidate

While there is no direct evidence that Audacy Media or its principals are linked to George Soros’ Open Society Foundations (OSF) in supporting Zohran Mamdani’s 2025 NYC mayoral campaign. However, claims about Soros and OSF backing Mamdani have circulated, primarily tied to funding for progressive groups like the Working Families Party (WFP), which endorsed Mamdani.

Zohran Mamdani: A 33-year-old democratic socialist and New York State Assemblymember, Mamdani won the Democratic primary for NYC mayor in June 2025, defeating former Governor Andrew Cuomo. 

His campaign focused on affordability, proposing free buses, rent freezes, and higher taxes on the wealthy.

George Soros, a billionaire philanthropist, founded Open Society Foundations which funds progressive causes globally. OSF has supported various left-leaning organizations in the U.S., including those tied to political campaigns, though direct candidate contributions are restricted by law.

Published reports claim that OSF indirectly funneled significant funds to groups supporting Mamdani, particularly the WFP, which played a key role in his primary victory:

A New York Post article states that OSF provided over $37 million to the WFP and nine other left-wing groups (e.g., Community Voices Heard, MoveOn, Jewish Voice for Peace Action) that backed Mamdani through endorsements and get-out-the-vote efforts. The WFP alone received $23.7 million from OSF since 2016 via its nonprofit arm, Working Families Organization Inc.

Another report from the National Legal and Policy Center suggests OSF and Soros’ Democracy PAC contributed over $10 million to Mamdani’s campaign through a “pass-through donation scheme,” including $2 million to the WFP between January 2023 and August 2024.

There is no specific mention in the provided sources or broader records of Audacy Media or its principals or other executives directly engaging with Soros, OSF, or Mamdani’s campaign. 

However: A separate Fox News report notes that Soros’ OSF donated $18 million to Our American Future Action, a group tied to a nonprofit that paid a $40,000 fellowship salary to Laura Gillen, a 2024 Democratic House candidate in New York. This suggests Soros’ funding extends to other progressive candidates but does not mention Audacy or Mamdani directly.

Audacy’s ownership of radio stations could amplify political narratives, but no evidence suggests it actively supported Mamdani or coordinated with OSF. Any connection may be speculative, possibly conflating Soros’ media investments (e.g., his 2024 purchase of a stake in Audacy’s debt during its bankruptcy) with political activity.

Mamdani’s allies, including Rep. Alexandria Ocasio-Cortez and the NYC Democratic Socialists of America, argue his grassroots campaign reflects a broad coalition, not billionaire control. His policies align with progressive groups OSF funds, but this is standard for left-leaning campaigns.

While George Soros’ Open Society Foundations indirectly supported Zohran Mamdani’s mayoral campaign through significant funding to the Working Families Party, there is no substantiated link to Audacy Media or its principals. Mamdani’s campaign benefited from a robust grassroots effort and public funding, but critics highlight his reliance on Soros-backed organizations as inconsistent with his anti-billionaire rhetoric. Without further evidence, any Audacy connection appears speculative.

Soros, through his investment firm Soros Fund Management, became a major player in Audacy, the second-largest radio broadcaster in the U.S., which owns over 220 stations across 40 markets, reaching an estimated 165 million listeners monthly. 

In January 2024, Audacy filed for Chapter 11 bankruptcy to restructure its crippling $1.9 billion debt. Soros Fund Management swooped in, acquiring roughly $415 million of Audacy’s senior debt—about 40% of the total—at a discount, positioning it as the largest shareholder in the restructured company. By September 2024 during the Biden Administrtion, the FCC approved the transfer of Audacy’s broadcast licenses to this new, post-bankruptcy entity, with Soros Fund Management holding significant equity through a debt-for-stock swap. 

The Fund for Policy Reform, a nonprofit tied to Soros and governed by a board including his son Alexander, is a key player in this deal.