US Representative Chip Roy (R-TX) has formally requested FCC Chairwoman Jessica Rosenworcel prevent a “Soros shortcut” in Soros Fund Management’s $400 million debt acquisition from Audacy.
Rep. Roy raised concerns regarding the potential bypass of standard FCC oversight procedures of foreign ownership interests in an April 23 letter to the Chairwoman.
Soros Fund Management became the largest shareholder in Audacy during its Chapter 11 bankruptcy reorganization. The process, while passing the courts, still requires FCC approval.
Particularly contentious to Rep. Roy is the issue of foreign ownership, as the Soros group’s filings say foreign ownership would exceed the 25% limit established by the Communications Act. Instead of undergoing the usual review process for foreign ownership, the Soros group has requested a waiver, proposing to address this issue with the FCC at a later date to expedite the process.
This request has prompted Congressman Roy to question the FCC’s commitment to adhering to its statutory duties, emphasizing the need for a comprehensive review to prevent undue foreign influence on US media.
Representative Roy wrote, “The FCC’s review of this Soros transaction will naturally draw close public scrutiny. It is imperative that the FCC run a fair and transparent process – one that abides by the requirements of the law – that thoroughly reviews the concerns posed by foreign ownership of American radio stations.”
Republicans in and out of legislature have expressed their dismay with the idea of Soros Fund Management’s majority stake in Audacy, given founder George Soros’ liberal political history. Rep. Roy’s request to the FCC comes during the same week as prominent conservative activist and Media Research Center founder Brent Bozell III submitted a Petition to Deny to the FCC regarding the post-bankruptcy ownership structure of Audacy, as reported by RBR+TVBR.
The petition raises concerns about the potential for these radio stations to be used to advance a specific activist agenda under Soros Fund ownership, as well as mirror Rep. Roy’s concerns about foreign ownership.
There it is… the GOP Soros boogieman argument.
Perhaps he should be more concerned with whether Entertainment Stations are labeling themselves as “News”
There’s an error in the congressman’s letter. The Soros group didn’t file anything. The filing was from Audacy. This was reported previously by RadioInk. So the money could be coming from any of their investors. Asking for a waiver is common. Both Cumulus and iHeart applied and received FCC waivers for 100% foreign ownership. Univision is owned by a foreign company. So they’re overreacting to this Audacy filing.