Billionaire hedge fund manager George Soros backed company is raising eyebrows ahead of the 2024 U.S. elections. Soros, known for his political influence and support for progressive causes through his organization Open Society, has become a key shareholder in Audacy, the second-largest owner of radio stations in the U.S., through a $400 million stake acquisition.
The FCC expedited the case for transfer of ownership after they reviewed and approved the transaction in-front of the full commission.
As of this year, Audacy, Inc. (formerly Entercom) which recently filed for bankruptcy, owns 227 radio stations across 45 media markets in the U.S. In February 2017, Entercom announced the acquisition of CBS Radio, a deal that positioned it as the second-largest radio station owner in the U.S., trailing only iHeartMedia. The merger was finalized in November 2017, giving the company a presence in 23 of the top 25 U.S. media markets. Audacy operates a diverse range of radio formats, including news, sports, contemporary hits, rock, country, hip-hop, and adult contemporary across multiple states and key media markets such as New York, Washington D.C., Miami, Dallas, and Los Angeles. Soros’ purchase represents approximately 40% of Audacy’s debt, putting his investment fund in a significant position of influence within the company.
Last year George handed over the reigns of his organization to his 37 year old son Alex Soros, saying his son earned in in the Washington Post.
Election Concerns Looming
In addition to Soros influence on music industry with the new acquisition, this deal comes as the 2024 U.S. presidential election draws near, sparking concern from political commentators and media watchers. Soros, a long-standing donor to left-leaning political campaigns, contributed over $170 million during the 2022 mid-term elections. His expanding presence in U.S. media is seen by some as potentially giving him undue influence in shaping public opinion at local and regional levels.
The deal has already drawn criticism from conservative voices, with concerns that Soros could leverage his stake to promote political agendas via Audacy’s extensive radio reach. While Soros has been involved in media acquisitions before—most notably in his 2023 stake purchase in Vice Media Group—the timing of this latest transaction has added fuel to political speculation.
A Broader Media Strategy?
Audacy’s bankruptcy plan includes converting debt into equity ownership, which aligns with Soros’ strategy of purchasing distressed assets at a discount. Despite not having a controlling 51% stake in Audacy, his 40% ownership of the company’s debt could make him one of its largest stakeholders, granting him significant influence over decisions.
Soros’ approach is reminiscent of Amazon founder Jeff Bezos’ acquisition of The Washington Post in 2013, which saw the newspaper thrive under new ownership while maintaining editorial independence. However, it remains to be seen whether Audacy’s stations, covering a wide range of content from news to music, will maintain their journalistic integrity or shift under Soros’ political influence.
