The Federal Communications Commission (FCC) approved a license deal that allows George Soros to control more than 200 Audacy radio stations.
The development marks the first time a deal has been fast-tracked to pass the FCC without a standard review, according to FCC Commissioner Brendan Carr, who called the move “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,” he said. “And yet the Commission breaks this new ground today without seeking public comment on altering our established regulations, without actually changing the rules on the books, and without seeking the feedback of other federal agencies with relevant equities.”
Carr told Rep. Nick Langworthy (R-NY) in a congressional hearing that the FCC did not follow its “normal process for doing a transaction.”
Langworthy noted that it appears that the “administration is giving a left-wing billionaire who is a major donor, a close ally, one of the chief funders of all of their efforts and their dark money, a free pass to take control of hundreds of local radio stations, flooding the airwaves with leftist propaganda.”
In a normal proceeding, national security agencies would review “excessive foreign ownership” to determine if there are issues with the transaction,” Carr explained, adding, “It looks like we got the cart before the horse this time.”
FCC Chair Jessica Rosenworcel said the process used to “facilitate this license transfer is identical to the one recently used by the agency in the bankruptcy proceedings of Cumulus Media in 2018, iHeart Media in 2019, Liberman Television in 2019, Fusion Connect in 2019, Windstream Holdings in 2020, America-CV Station Group in 2021, and Alpha Media in 2021.”
She claimed that suggesting the deal is unusual is “cynical and wrong, as this precedent clearly demonstrates. Our practice here and in these prior cases is designed to facilitate the prompt and orderly emergence from bankruptcy of a company that is a licensee under the Communications Act.”
American Faith reported in February that Soros purchased an estimated 40% of Audacy’s debt.
Audacy confirmed the purchase in a statement, writing, “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.”
