NEWS ALERT: Soros-Backed Group Wins FCC Approval for US Radio Stations Takeover

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From Bloomberg: Audacy Inc., the bankrupt radio broadcaster, won regulatory approval for the transfer of its licenses to a nonprofit funded by billionaire George Soros, paving the way for the company to emerge from Chapter 11.

Under the restructuring approved by the court in February, the new, closely held company will be controlled by the Fund for Policy Reform, a Delaware nonprofit, according to an FCC filing Monday. It will be governed by a four-person board, including Alexander Soros, son of the billionaire investor.

FCC approval arrived nearly seven months after courts backed a reorganization plan that handed control of the company and its 200-plus stations to creditors including Soros Fund Management and wiped out the old shareholders. Audacy’s exit from bankruptcy is expected within days, the company said.

The transfer of the licenses was opposed by two FCC members, Brendan Carr and Nathan Simington. It also faces scrutiny from Republican lawmakers concerned about the senior Soros’ role at the company.

Republican Representatives James Comer of Kentucky and Nick Langworthy of New York, both members of the House Committee on Oversight and Accountability, announced an investigation into the FCC’s approval proceedings last week. They said the agency overlooked foreign ownership concerns to facilitate Soros’ ownership stake.

Carr blasted out a statement Monday morning condemning the decision. He wrote:

The FCC just released the text of its 3-2 decision to approve a Soros backed group’s purchase of 200+ radio stations.

The Commission’s decision today is unprecedented. Never before has the Commission voted to approve the transfer of a broadcast license—let alone the transfer of broadcast licenses for over 200 radio stations across more than 40 markets—without following the requirements and procedures codified in federal law. Not once.

Federal law requires applicants like these with excessive foreign ownership to file a petition for declaratory ruling at the same time that they seek FCC approval for the relevant licenses, they must then complete that process before the FCC can approve the assignment of licenses, and that process must enable Executive Branch agencies with national security and specific policy expertise to weigh in.

But in this case, the Applicants decided that they did not need to comply with any of those legal requirements. The Applicants expressly state that they will have foreign investment in excess of the statutory 25 percent benchmark.

Did they file the petition for declaratory ruling required by the Code of Federal Regulations? No, they did not.

Did they obtain approval from the FCC for their excessive foreign ownership? No, they did not.

Did the Applicants afford the Executive Branch agencies with national security and relevant policy expertise an opportunity to consider their application as well as the source and amount of foreign investment? No, they did not.

The Commission has never done this before. So why are we voting for a first-ever fast track today?

Columnist Miranda Devine wrote: “This is outrageous election interference by the @FCC. @GOPoversight has given the @FCC until Thursday to respond to allegations that it is interfering in the 2024 election by “bypassing standard processes and procedures in an unprecedented way to benefit a Democrat megadonor acquiring a major equity stake in hundreds of local radio stations across the country.” oversight.house.gov/wp-content/upl.”

Last week, the New York Post explained that Soros, 93, pumped $400 million into Audacy in February to take control of the network, which includes a handful of conservative shows from hosts including Sean Hannity, Dana Loesch, Mark Levin, Glenn Beck and Erick Erickson.

Conservative podcaster Mark Levin announced Friday, “BREAKING! FCC-Soros end run around federal licensing rules, to fast track sale of Audacity’s 220 stations before the election, is under investigation by the House Oversight Committee. The sale includes WPHT in Philadelphia, which just announced out of the blue that it’s dropping my show in 7 days!”

On Monday, Levin wrote in fury, “Soros and the FCC Democrats blew off the House Oversight Committee’s inquiry and rushed through the vote to hand Soros 220 radio stations.”

“FCC Democrats just rewarded Soros as the biggest Democrat sugar daddy with 220 radio stations in blatant violation of FCC rules,” Levin added.

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