Soros-Tied Group in Line to Be Radio Giant Audacy’s Top Stakeholder

A management fund tied to left-wing billionaire George Soros has bought up over $400 million in radio giant Audacy’s debt, reports indicated on Wednesday, setting the fund up to be the company’s top shareholder.

Citing a court filing, the New York Post first reported the Soros Fund Management purchased a striking amount of debt tied to Audacy, which filed for bankruptcy in January. The Soros Fund Management is one of 13 creditors in the Ad Hoc First Lien Group and secured the largest share of Audacy’s debt compared to any other holder by a wide margin, the filing showed. The second largest creditor has just over $68 million of the company’s debt.

The move has the group set to be “the biggest shareholder of Audacy Inc. when the radio and podcast company emerges from bankruptcy,” Bloomberg’s Ashley Carman and Amelia Pollard noted.

“Under Audacy’s bankruptcy plan, existing shareholders would be wiped out and high-ranking creditors would be repaid with stock in the restructured company. The proposal requires bankruptcy court approval,” they reported.

Audacy offers access to 230 broadcast brands and has “90 percent coverage in the top 45 markets,” according to its website. The company reaches 165 million listeners monthly through the stockpile of stations.

“The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” Audacy told Bloomberg News in a statement.

Some of Audacy’s most notable subsidiaries include New York’s 1010 WINS and WFAN, Boston’s WEEI and Magic 106.7, and Chicago’s WBBM and 670 the Score. The Los Angeles Times notes Audacy owns KROQ, KNX, KCBS, and KTWV in the Los Angeles market.

The move underscores the growing foothold Soros-linked entities are gaining in the media landscape. In July 2023,Soro s Fund Management was part of a larger group of lenders that acquired Vice Media after it filed for bankruptcy. Moreover, the Soros Fund Management-linked group Lakestar Finance helped finance the group Latino Media Network, which bought 18 Spanish language stations from Univisión-Televisa in June 2022.

Radio Mabmbí, a Spanish language talk show in Miami, Florida, acquired from Univision, faced outrage and a major walkout from employees following the move. Univisíon reportedly offered crucial employees $120,000 bonuses to stay.