FCC Approves Soros-Controlled Audacy Radio Deal

Audacy Inc., a bankrupt radio broadcaster, has received Federal Communications Commission (FCC) approval to transfer its licenses to a nonprofit funded by billionaire George Soros, allowing it to emerge from Chapter 11 bankruptcy. The new entity, governed by the Fund for Policy Reform, will control over 200 radio stations across 40 markets, which has raised concerns among Republican lawmakers about foreign ownership and potential bias in media. Critics, including some FCC commissioners, argue that the approval process was expedited to benefit Soros, as the decision bypassed standard legal requirements regarding foreign ownership limits. The FCC's approval included a waiver to temporarily avoid a national security assessment, with a full review expected in the coming months. This situation has attracted scrutiny ahead of the 2024 presidential election, where control of media outlets is seen as politically significant. Audacy's debt will be significantly reduced, facilitating the company's restructuring and return to operation.