George Soros has been acquiring debt from Audacy, the second largest radio broadcaster in the US, positioning himself to potentially gain control of over 220 stations.
Through his fund, Soros purchased $400 million in Audacy debt at discounted prices.
“This is scary,” an inside source stated.
If Audacy emerges successfully from bankruptcy, Soros could end up with a 40% stake in the company’s senior debt and strong influence.
“Soros scooped up the debt during the past few weeks at roughly 50 cents on the dollar from hedge fund HG Vora, according to a source close to the situation,” the Post wrote.
“Under Audacy’s current Chapter 11 bankruptcy plan, existing shareholders are expected to be wiped out,” they added. “High-ranking creditors like Soros would be repaid with stock in the restructured company.”
Critics argue this could allow Soros to potentially shape public opinion through the media outlets during the 2024 election.
Audacy confirmed the investment, saying it represents confidence in their future.
“The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” Audacy stated.
However, some Republicans view it as concerning given Soros’ left-leaning political stances and influence.
If the bankruptcy restructuring succeeds, existing shareholders would lose their stakes while high creditors like Soros would gain company stock.
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