America’s second-largest radio broadcaster could soon emerge from bankruptcy with a new shareholder: Soros Fund Management.
According to Bloomberg, the investment firm founded by the Trump-hating billionaire George Soros has acquired $400 million of Audacy’s highest-ranking debt.
“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 wrote in a statement.
Audacy owns 235 radio stations in 48 media markets across the US and is the second-largest broadcaster behind iHeartMedia.
“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,” Bloomberg noted.
An insider familiar with the matter, who identified as a Republican, expressed grave concerns that Soros might be acquiring the stake to sway public opinion ahead of the 2024 presidential election, according to The New York Post.
“This is scary,” the source said.
Another source explained to NYPost that Soros’s stake equals about 40% of the company’s senior debt, although not a majority, and could yield effective control of the broadcaster when it emerges from bankruptcy.
Last summer, Soros joined a group of lenders, including Fortress Investment Group, who paid $350 million for bankrupt Vice Media – a leftist media outlet that once commanded a $6 billion valuation.
Unfortunately, broadcast radio and TV are in significant decline. Suppose Soros believes he can wield propaganda power through acquiring legacy media. In that case, he should reconsider the target audience demographics—hardly anyone with a smartphone and computer tunes in regularly to the radio.
Also, Audacy better watch out so it doesn’t ‘Bud Light’ itself among conservatives.
https://twitter.com/Longfeather85/status/1758158595903131777?ref_src=twsrc%5Etfw
via zerohedge
