Audacy's Bankruptcy Court Case and GOP Allegations Regarding Soros' Stake

Audacy is set to make its bankruptcy court appearance as the Federal Communications Commission (FCC) prepares to conduct a foreign-ownership review following months of delays linked to Republican allegations concerning George Soros' stake in the radio company.

After filing for Chapter 11 bankruptcy in January, Audacy disclosed plans to restructure its debt from approximately $1.9 billion to $350 million. The Soros Fund Management has emerged as a major player, acquiring over $400 million of Audacy's debt, making it the largest contributor in a group of lenders.

During this turbulent period, the radio conglomerate, which changed its name from Entercom Communications to Audacy in 2021, is navigating considerable scrutiny from lawmakers citing Soros' involvement.

GOP Fears About Foreign Ownership

Due to increased concerns over foreign ownership, Audacy requested the FCC to delay its review until after bankruptcy court proceedings. The company emphasized that about 22% of the new Audacy could be foreign-owned, triggering the review process under existing regulations.

Media Influence Amid Antisemitism

The scrutiny over Soros has intensified along with a troubling rise in antisemitic rhetoric from right-wing commentators. Soros, known for his donations to Democratic causes, has faced increased attacks that critics link to broader societal issues, blurring the lines between political discourse and harmful stereotypes.

Audacy's Position in the Radio Market

As the second-largest radio operator in the U.S., Audacy's future remains intertwined with the FCC's regulatory landscape. The commission clarified that Soros’ involvement is in the context of a company he is affiliated with, not a direct acquisition of radio stations.