FCC approval of Audacy’s bankruptcy reorganization plan is raising alarms over potential media bias and the involvement of George Soros.
At a Glance
- No confirmation from FCC on Audacy’s reorganization approval.
- Soros Fund Management to become the largest stakeholder in Audacy.
- Concerns about media bias and foreign investment breaching 25% ownership cap.
- The approval set to have significant implications for the media landscape ahead of the election.
FCC and Audacy’s Controversial Reorganization Plan
The Federal Communications Commission (FCC) appears poised to approve Audacy’s bankruptcy reorganization plan, which includes significant involvement from George Soros’s Soros Fund Management. Reports indicate that Soros’s group would provide $415 million of Audacy’s debt, becoming the largest stakeholder in the company. This development comes as Audacy, the second-largest owner of radio stations in the United States, struggles with $1.6 billion in debt. FCC Commissioner Brendan Carr and Blaze News commentator Rob Eno have raised serious concerns over potential national security hazards and alleged foreign collusion.
Even though the FCC has not confirmed the approval, sources indicate that the commission has secured just enough votes for the plan’s approval. A recent report from Inside Radio suggested that the federal judge had approved the reorganization plan in February. It is expected that the final decision will be publicized by the FCC next week. Meanwhile, political criticism persists, particularly from conservative figures like Senator Ted Cruz, who have pressured the FCC to ensure the full Commission votes on Soros’s involvement.
Biden FCC fast-tracks Soros takeover of conservative radio in Pennsylvania: In an alarming move, the Federal Communications Commission voted this week to approve Audacy’s proposed bankruptcy reorganization — which would place the second… https://t.co/wPKfCzRxty #BreakingNews pic.twitter.com/9lfASgn0yb
— ZBreakingNewz (@ZBreakingNewz) September 25, 2024
Criticism from Conservatives
This reorganization plan has attracted significant scrutiny. Critics argue that allowing Soros to control Audacy means increased potential for media bias, particularly in battleground states like Pennsylvania. Apprehensions regarding Soros exceeding the 25% ownership cap only compound existing fears. Commissioner Brendan Carr referred to the process as “unprecedented” and opposed what he called a “special Soros shortcut.” This perspective resonates with those worried about maintaining diverse and unbiased media.
“I am very pleased that Chairwoman Rosenworcel has come to her senses and abandoned her plan to have unaccountable bureaucrats rubber-stamp George Soros’s takeover of Audacy,” said Senator Ted Cruz in response to the pressures induced by conservative commissioners.
National Security and Foreign Investment Concerns
There are also concerns that foreign investment in Audacy could breach US regulations, creating potential security risks. Traditionally, the foreign-ownership review process can delay such transactions for an extended period. Carr and other conservative voices contend that this reorganization could strategically suppress conservative viewpoints during a crucial election period. Elon Musk, responding to Carr’s post, described the fast-track approval process as “corruption.”
“A person’s last name should not determine how the government treats them,” Carr posted on X Wednesday. “That is why I oppose the creation of a special Soros shortcut that fast tracks the acquisition of 200+ radio stations.”
The FCC’s reorganization decision will be crucial, but many conservatives are urging for a review process to ensure that the national interests and media fairness are not compromised. As this issue unfolds, alternative media sources like podcasts and platforms such as BlazeTV continue to grow, potentially providing a counterbalance to perceived media bias.
