Petition to Deny filed against assignment of Audacy to Soros

The FCC has received a Petition to Deny from The Media Research Center as it relates to Soros Fund Management becoming the largest shareholder of Audacy – Debtor-in-Possession of 225 radio stations in the U.S. Audacy filed for Chapter 11 Bankruptcy earlier in 2024. The company is the second largest radio firm behind iHeartMedia and is present in 46 markets including Pittsburgh where it owns KDKA-AM/FM, WBZZ, and WDSY.

Media Research Center (MRC) calls itself “America’s premiere media watchdog” as a research and education organization. MRC President and Founder, L. Brent Bozell, III claims, “…just months ago, the Soros Fund Management, a firm founded by activist and billionaire George Soros, took steps to become the largest shareholder in Audacy, which owns the second largest number of broadcast radio stations in the country. There is no question that George Soros and his affiliated businesses are looking to control these radio stations to advance their particular brand of activism. Indeed, this transaction has already drawn significant public scrutiny. This is no surprise. After all, Audacy owns and operates 225 local radio stations in 46 markets across the country that air a variety of news, talk, and other programming. The broadcasts from these Audacy-owned stations reach millions of listeners. George Soros and his affiliated businesses launched this significant move into local radio as Audacy is completing a Chapter 11 bankruptcy reorganization.“

The petition also claims Soros Fund Management is attempting to speed the process using “shortcuts” thereby enabling the FCC to assign licenses without determining whether or not it will serve the public interest as described in the Communications Act of 1934.

You can read the petition in its entirety here.