The US House of Representatives Committee on Oversight and Accountability is opening an investigation on the FCC for allegedly bypassing standard procedures to benefit billionaire businessman and investor George Soros in a potential acquisition involving Audacy.
Committee Chair James Comer (R-KY) and Rep. Nick Langworthy (R-NY) sent a letter to FCC Chairwoman Jessica Rosenworcel requesting all communications and documents related to the FCC’s handling of this case, seeking to understand if the fast-tracked decision is politically motivated.
This comes amid unconfirmed rumors that the FCC has voted along party lines, 3-2, behind closed doors to approve Soros Fund Management’s acquisition of an approximately 40% stake of Audacy’s total senior debt.
Rep. Comer writes, “George Soros, a Democrat megadonor and a financier of organizations advocating for speech restrictions and censorship of conservatives online, is attempting to purchase $415 million in debt in a Chapter 11 reorganization of Audacy, Inc., a company that owns over 200 radio stations. He will ultimately become a “major’ shareholder when the bankruptcy deal concludes. Recently, George Soros and his company, Soros Fund Management, have sought to consolidate control over the airwaves.”
The letter goes on to highlight that Soros has been actively acquiring media assets, including radio and podcast platforms, which Reps. Comer and Langworthy believe has broader implications for political discourse in the country. “By all appearances, the FCC majority isn’t just expediting, but is bypassing an established process to do a favor for George Soros and influence his effective use of hundreds of radio stations before the November election,” they write.
FCC approval is required for entities to hold more than 25% of the capital stock in a broadcast company.
The Committee notes that typical processes have been bypassed in this case, citing FCC Commissioner Brendan Carr stating that the FCC has never approved a transaction like this without thorough national security reviews, which could take months. Carr warned that this accelerated process could compromise public trust. Typically, the FCC’s Media Bureau handles such transactions, but Senator Ted Cruz (R-TX), in his role as the Ranking Member of the Senate Commerce Committee, pushed for the full Commission to vote on the matter.
For the investigation, the Committee has requested all documents regarding radio station licenses associated with Audacy and Soros Fund Management and any internal FCC communications using the term “George Soros,” which they want by October 3.
So this is what it’s come to. The US House of Representatives investigates unsubstantiated rumors about Democrats. No one else. If they can investigate them, they can investigate anyone. No cause, no evidence, no reason needed. Just because you’re a Democrat. Or if you’re a billionaire who wants to help out a bankrupt radio company, that’s apparently not allowed. This is tyranny by a bunch of people who have done nothing for the taxpayers and need to justify their existence by investigating rumors. This kind of investigation compromises the public trust because there’s no basis for it. They do it because they can.