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George Soros’ fund has bought a potentially controlling stake in Audacy, the second-largest chain of radio stations.
A GOP insider cited in the report claimed he is making the election-year purchase to influence public opinion.
The Washington Times reported:
George Soros has purchased a potentially controlling stake in America’s second-largest chain of radio stations.
According to bankruptcy filings cited Wednesday in the New York Post, his Soros Fund Management has bought $400 million of debt in the Audacy chain.
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A Republican insider “close to the situation” told the Post that Mr. Soros could be making the election-year purchase in a bid to influence public opinion.
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Audacy owns more than 220 stations across the country and in almost all major markets.
Soros’ stake is skated to be about 40%.
The report claims this could mean Soros could yield effective control over the company.
New York Post reported:
Sources told The Post that Soros’s stake is equal to about 40% of the company’s senior debt — a massive chunk which, although not a majority, could yield effective control of the media giant when it emerges from bankruptcy.
Soros scooped up the debt during the past few weeks at roughly 50 cents on the dollar from hedge fund HG Vora, according to a source close to the situation.
Audacy confimed the Soros’ investment after reports of the deal surfaced.
“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 said in a statement.
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