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Home Society Philanthropist George Soros appears to be Audacy’s savior – RadioVisie

Philanthropist George Soros appears to be Audacy’s savior – RadioVisie

by News Room
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93-year-old Hungarian-American billionaire and philanthropist George Soros appears to be one of the biggest financiers to save Audacy, America’s second-largest radio group. If – after the trial – The FCC also approves the outcome of Audacy’s Chapter 11 process, Soros Fund Management becomes the largest shareholder of the radio group with its 235 radio stations.

From court documents at “pre-packaged bankruptcy” in January shows that Soros Fund Management had assumed responsibility for approximately $415 million of Audacy’s debt. According to the procedure, the loans will be exchanged for shares, in which case the investment fund would become the largest shareholder, with a share of approximately 40 percent of the shares. In 2022, Soros already took over 18 Spanish-language radio stations in Florida, including two very conservative talk radio stations.

As a progressive Jewish philanthropist, George Soros has been the devil in the flesh for years in the eyes of almost all ultra-conservative and far-right movements and commentators, encouraged in part by the authoritarian regimes of the Philippines, El Salvador, and not least his own. – ruled by the populist Victor Orban for years – native Hungary.

His Soros Fund Management, founded in 1970, is the principal asset manager of the Open Society Foundations (Open Society), one of the world’s largest private funders of independent groups committed to justice, democratic governance and human rights. Soros is known to use his money and influence aggressively to support his (progressive) political goals.

It’s not really surprising that Soros is entering the American radio arena. Ever since — during the Reagan years — the FCC’s rules mandating objectivity in radio station reporting were overturned, America’s radio scene has taken a turn for the worse. Cumulus Media, Salem Media Group and Nexstar Media are all conservative. There was hardly any match on the Democratic side.

The Hungarian-born Soros also played a key role at the end of the Cold War in the restructuring of the US government-funded Radio Free Europe/Radio Liberty, which for decades had served as an antidote to listeners behind the Iron Curtain who would otherwise have access to state media. A Soros-funded entity acquired and maintains archives of these radio operations.

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