Soros Fund Management is challenging what it calls overreach by Connoisseur Media CEO Jeff Warshaw, arguing his broad discovery demands in the Audacy case suggest he is leveraging the litigation to gain a competitive advantage over rival radio companies.
According to a joint filing by Soros Fund Management and co-defendant Michael Del Nin, Warshaw’s legal team has reportedly demanded contracts, emails, and communications mentioning him personally; records involving Connoisseur Media; investment committee presentations tied to Audacy; FCC submissions; and financial statements for Audacy and its affiliates dating from August 1, 2022, to the present.
At the center of the pushback is a unique tension: as Warshaw leads Connoisseur Media, Audacy’s direct competitor, Soros Fund is asking whether his discovery strategy is about building his legal claims or about accessing rival companies’ sensitive information under the guise of litigation.
Connoisseur just closed on its acquisition of Alpha Media, putting it in the top ten largest radio broadcast groups in the US by revenue and station ownership.
In multiple objections, SFM says Warshaw, “should not be permitted to utilize this action to obtain broad swaths of irrelevant, sensitive business information about a competitor company.”
Two categories in particular highlight the clash. Warshaw is seeking documents explaining Audacy’s decision to partner with iHeartMedia on content distribution, announced six months after Audacy exited bankruptcy, and investment committee records tied to SFM’s attempted acquisition of Cox Radio in 2023.
SFM argues that both go far beyond the issues at hand. The firm says the iHeart partnership has nothing to do with Warshaw’s claims and risks exposing competitively sensitive information about a direct rival. On Cox, the defendants contend those deal efforts are unrelated, though they agreed to a limited search of committee files that specifically mention Warshaw.
The requests extend further. Warshaw has asked for compensation agreements for executives at other SFM media holdings such as Liberal talk platform Crooked Media and First We Feast, as well as information on SFM’s broader investments in radio, podcasting, and digital publishing.
The defense has objected to much of the discovery as “overbroad, unduly burdensome, and not proportional to the needs of the case.” They seek to narrow the relevant document timeframe to June 2023 through May 2025. A confidentiality order is also being discussed to govern the handling of any sensitive financial materials, but the ultimate scope of discovery may have to be decided by the court.
Warshaw’s lawsuit claims that SFM Head of Media Investments Michael Del Nin broke a verbal agreement tied to Audacy’s post-bankruptcy restructuring. Warshaw says Del Nin pledged he would either be named Audacy’s CEO or receive a 5% share of Soros Fund Management’s profits from the transaction in exchange for identifying the investment and advising on its execution. The case is scheduled to head for jury trial by 2027.
