George Soros reportedly purchasing $400 million worth of debt in large radio broadcast network

Original article here

Billionaire George Soros is reportedly purchasing $400 million worth of debt in the second-largest radio broadcast network in the country, Audacy Inc.

Audacy is based in Philadelphia and owns WWJ-AM 950, 97.1 the Ticket and other radio stations. It is behind iHeartMedia and its holdings also include New York’s WFAN and 1010 WINS, and Los Angeles’ KROQ.

It is also a platform that broadcasts for conservative talk show hosts including Dana Loesch and Mark Levin, according to the Washington Examiner.

If purchased, the Soros Fund Management would be the largest stakeholder for Audacy.

“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 said in a statement, according to The Detroit News.

“We expect to emerge from our restructuring process with a strong capital structure and well-positioned to capitalize on our strategic transformation into a scaled leading multi-platform audio content and entertainment company,” the statement continued. “We intend to continue running our business, executing our strategy and delivering for our listeners and advertisers as we always do.”

Audacy filed for Chapter 11 bankruptcy last month.

A Republican insider close to the situation, according to the New York Post, suggested that Soros’s goal with this may be to have increased influence on public opinion heading into the 2024 presidential electio