In April, US Representative Chip Roy (R-TX) warned FCC Chairwoman Jessica Rosenworcel of what he called a “Soros shortcut” to allow Audacy to emerge from bankruptcy as soon as possible. Now FCC Commissioner Brendan Carr is voicing his concern as well.
Republicans have expressed their desire to ensure rigorous oversight of Soros Fund Management’s acquisition of $400 million in debt from Audacy, which has positioned Soros as the largest shareholder during Audacy’s Chapter 11 reorganization. Soros’ group seeks a waiver to defer addressing this issue, raising alarms among the GOP about potential undue foreign influence on US media surrounding George Soros’ liberal affiliations.
In a statement to the New York Post, Commissioner Carr said plainly, “The FCC should not create a special Soros shortcut.”
“When it comes to a broadcast station acquisition of this size and magnitude – hundreds of radio stations across more than 45 markets – the FCC needs to run its full and normal review process. The FCC should not be skipping steps or waiving required agency processes.”
Audacy’s restructuring plan was approved by the US Bankruptcy Court for the Southern District of Texas in February, but has been awaiting FCC approval since.
The broadcaster has used the time to streamline its podcast and sports divisions, as well as to settle a dispute with Lower Merion Township in Pennsylvania, agreeing to pay $1.4 million to resolve claims of unpaid local and business taxes. That agreement concluded the matter without any admission of liability by either party.
This is a totally bogus claim by Carr. He knows that the FCC has already granted 100% foreign investment waivers for Cumulus and iHeart. He claimss this is a shortcut, but what he really wants is a Soros penalty, that prevents a legitimate investment company from buying a stake in a bankrupt radio company.