Rapid FCC Approval of Major Radio Station Acquisition Sparks Debate

SOros

A Federal Communications Commission decision granting George Soros’s acquisition of over 200 radio stations has sparked a wave of controversy.

At a Glance

  • Soros Fund Management acquired $400 million in debt from Audacy.
  • Soros groups requested the FCC to skip the usual foreign ownership review process.
  • Critics argue the deal could enable Soros to sway media content.
  • The FCC approval came through a partisan vote.

The Approval and Controversy

Concerns are mounting over the Federal Communications Commission’s (FCC) approval of George Soros’s acquisition of over 200 Audacy radio stations across 40 U.S. markets. This approval came swiftly following Soros’s $400 million investment in Audacy amid the company’s Chapter 11 bankruptcy proceedings. Critics argue the expedited approval skipped the usual foreign ownership review process, which typically limits foreign control to 25 percent.

This process, referred to by some as a “Soros shortcut,” has prompted political figures and conservative media to demand transparency and adherence to established procedures. FCC Commissioner Brendan Carr has voiced strong opposition, alleging the deal did not undergo the due statutory review.

Soros groups had initially requested the FCC to forego the normal petition for declaratory ruling process for foreign ownership review. This waiver would speed up approvals, which Soros’s opponents claim undermines fair regulatory practices. Audacy, the second-largest broadcast radio station owner in the U.S., currently holds more than 220 local radio stations in over 40 markets, making the acquisition significantly impactful on the American media landscape.

Partisan Vote and Implications

The FCC’s decision was approved through a partisan vote, with the three Democratic commissioners favoring the deal and the two Republican commissioners opposing it. This marks the first time such a deal has been approved without a national security review. Critics argue that the timing, ahead of the 2024 presidential election, may allow Soros to significantly influence public opinion by muting conservative voices and shaping media narratives.

Concerns from Conservative Figures and FCC Commissioners

FCC Commissioner Brendan Carr and Congressman Chip Roy are among the prominent figures opposing the expedited process, insisting on a full review. Carr has raised several legal and procedural objections, stating, “It seems to me the FCC is poised, for the first time, to create an entirely new shortcut.” He also highlighted the necessity for a comprehensive public interest analysis.

“The FCC should not create a special Soros shortcut,” Carr told The Post this week.

Equally stark are the concerns about Soros’s political leanings and influence. Given Soros’s known support for left-wing causes, there is a distinct worry that his control over such an expansive network could effectively silence conservative voices and fill the airwaves with left-leaning content. Carr pointed out, “Looking at the facts, it seems the administration is giving a left-wing billionaire… a free pass to take control of hundreds of local radio stations.”

Final Thoughts

The ongoing debate surrounding Soros’s acquisition of Audacy radio stations highlights a broader conversation about media ownership, regulatory processes, and the impartiality of federal oversight. The controversy underscores the critical importance of maintaining transparent and robust review processes, especially when significant financial and media influence is at stake. It remains to be seen how this debate will unfold and what measures, if any, will be taken to ensure compliance with the Communications Act and FCC rules.

The stakeholders and American public will be watching closely as this situation develops, particularly in the lead-up to the next election cycle.

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