In a significant move ahead of the 2024 U.S. presidential election, the Federal Communications Commission (FCC) fast-tracked the approval of George Soros‘ acquisition of over 200 radio stations in 40 markets. These stations, which reach more than 165 million Americans, are primarily owned by Audacy, a major player in U.S. radio broadcasting. The decision to accelerate the approval, made by a split vote along party lines, has raised concerns about potential political motivations, as Soros is known for his strong affiliations with liberal causes and political donations.
The FCC’s three Democratic commissioners voted in favor of the acquisition, while the two Republican members opposed it. The key issue at hand is that Soros’ investment in Audacy involves foreign capital, which typically requires a comprehensive national security review. Under FCC rules, foreign ownership of U.S. media outlets cannot exceed 25%. However, Soros filed for an exemption, bypassing the standard review process that could have delayed the acquisition by up to a year.
Critics, particularly Republican FCC Commissioner Brendan Carr and Representative Chip Roy, have voiced concerns about the fast-tracking. Carr argued that the FCC should not have waived critical steps, particularly for a deal of this magnitude, which could have lasting implications for media influence in the U.S. Audacy’s vast network of stations includes several conservative talk shows, and there is apprehension that Soros’ ownership could affect the content or political balance of these outlets.
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On the other hand, supporters of the deal emphasize that Soros’ acquisition is a legitimate business move, aimed at stabilizing Audacy, which has been struggling financially and recently emerged from bankruptcy. Audacy’s podcasting and sports divisions have been undergoing restructuring efforts, and the company has been settling financial disputes in preparation for the takeover.
The controversy surrounding the fast-tracking of this deal reflects broader concerns about media ownership concentration and the influence of politically connected individuals or groups on public discourse, especially so close to a national election.
