A senior Justice Department official has instructed over six U.S. attorneys’ offices to develop plans for investigating a group backed by billionaire Democratic donor George Soros, following President Trump’s public demand for Soros’s imprisonment.
Soros is now a major stakeholder in Audacy, Inc. Audacy is the second-largest radio broadcaster in the United States, through his Soros Fund Management. Audacy owns over 220 radio stations across more than 40 markets, reaching an audience of about 165 million Americans, with a focus on sports, music, news, and podcasts. Soros' involvement stems from Audacy's financial restructuring amid bankruptcy and has sparked significant political controversy, particularly regarding foreign ownership rules and potential influence over broadcast content.
According to a memo obtained by The New York Times, the directive lists potential charges, including arson and material support for terrorism. This move marks a significant departure from longstanding Justice Department practices designed to shield the agency from political influence, suggesting that department leaders are acting on the president’s orders to target specific individuals or groups for criminal investigation.
Following the killing of right-wing activist Charlie Kirk in Utah this month, Trump threatened to leverage government authority to suppress liberal protesters and donors to progressive organizations, including Soros.
Through his Open Society Foundations, Soros has funded democratic initiatives globally for decades, initially focusing on communist and post-communist countries before expanding to the U.S. in the 1990s. The foundation supports groups promoting human rights, democracy, and equity.
However, Trump and some Republicans allege, without evidence, that it fuels civil unrest, violent protests, and property destruction. Liberals counter that these claims are baseless and intended to quash dissent.
In response, The Open Society Foundations (OSF) has criticized the Trump administration for “politically motivated attacks on civil society” after a report that the justice department had instructed federal prosecutors to come up with plans to investigate the charity.
➤Key Timeline of Involvement
Audacy entered Chapter 11 bankruptcy to restructure approximately $1.9 billion in debt. As part of the plan, creditors could exchange debt for equity in the reorganized company, effectively wiping out existing shareholders.
February 2024: Soros Fund Management Acquires Debt
Soros Fund Management purchased around $400–415 million of Audacy's senior debt at roughly 50 cents on the dollar, making it the largest creditor and positioning it to become the biggest shareholder (approximately 40–50% stake) in the post-bankruptcy entity. This move was described by Audacy as a "significant vote of confidence" in its future, including its radio, podcasting, and streaming app businesses.
The deal required Federal Communications Commission (FCC) approval for the transfer of broadcast licenses due to U.S. laws limiting foreign ownership of radio stations to 25%. Soros Fund Management, controlled by the Open Society Foundations (a nonprofit governed by George Soros and his children, all U.S. citizens), sought to expedite the process by bypassing standard foreign ownership reviews.
The Media Research Center petitioned the FCC, claiming Soros aimed to "advance their particular brand of activism" through control of the stations.
On September 18, 2024: the Democrat-led FCC approved the license transfer in a 3-2 party-line vote, allowing Audacy to emerge from bankruptcy without full scrutiny. Republican Commissioner Brendan Carr objected, calling it a "Soros shortcut."
The House Oversight Committee, led by Rep. James Comer and Rep. Nick Langworthy, launched an investigation in late September 2024 into the Biden's FCC's "expedited" process, demanding documents by October 3, 2024, citing potential election interference and favoritism toward a "Democrat megadonor."
Audacy completed its restructuring, slashing debt by 80% to $350 million. A Soros-affiliated entity, Laurel Tree Opportunities Corp. (tied to the Fund for Policy Reform), gained a controlling interest through new stock and warrants. The company plans to go private, with Soros Fund Management as the majority shareholder. An FCC filing confirmed the board's U.S. citizenship to address foreign ownership concerns.