George Soros Fund acquires $400 million stake in 227 US radio stations ahead of the 2024 election

George Soros Fund acquires 0 million stake in 227 US radio stations ahead of the 2024 election

Billionaire hedge fund manager George Soros has recently been the target of controversy following his recent decision to become a majority shareholder of the second-largest radio station owner in the United States.

This is not the first media brand in which Soros has acquired a substantial stake, but it has some people concerned as the 2024 election approaches. Last year, Soros purchased a substantial stake in Vice Media Group. Vice was once worth nearly $6 billion, but Soros bought a stake in the company for pennies on the dollar after its surprise bankruptcy in 2023. The deal valued Vice at around $350 million, with Soros holding an undisclosed stake in the society.

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Audacy, the second largest American radio station behind iHeartMedia, recently filed for bankruptcy. The company owns 227 major radio stations in 27 states and 45 cities in the United States. These include some of New York’s biggest chains; Memphis and Chattanooga, Tennessee; Denver; Washington DC, Miami and Orlando, Florida; Atlanta; Baltimore, Maryland; Wichita, Kansas; Austin, Dallas and Houston, Texas; Richmond, Virginia; and many major cities in California as well as several other major markets in the United States

The bankruptcy plan, which would convert debt purchases into equity stakes, saw Soros buy back about 40% of Audacy’s debt, according to the New York Post. While not a true 51% majority stake, it is likely one of the largest, if not the largest, stakes in the company, potentially giving the Soros Fund control Audacy workforce, The Post reported in February.

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Some have expressed concerns about the purchase ahead of the 2024 elections. Soros is a well-known political advocate for left-wing politicians and is often one of those politicians’ largest donors worldwide. Soros has donated more than $140 million to political causes in 2021 and $170 million to the 2022 midterm elections.

This influence over the American political system has sparked speculation for many years about its control over politicians and elections. Some fear the acquisition could be used as a campaign tool at the local and regional level or to influence the upcoming 2024 elections. The New York Post article details a conservative voice close to the deal, calling the transaction “scary “.

Although several other entities are involved in this transaction, it is unclear who will have effective control or if there will be a notable impact on any of the radio stations. Soros has made hundreds of billions of dollars in business deals and acquisitions over the decades, most of them aimed at providing a return on investment (ROI) for his investors.

Some brands have demonstrated the ability to be owned by interested parties while still maintaining some semblance of journalistic integrity. Inc. founder Jeff Bezos bought the Washington Post when it was in decline in 2013. After a capital infusion and a much-needed bailout, the company has continued to thrive in recent years . Although it is owned by Bezos, the Washington Post has not hesitated to criticize its billionaire owner.

Although it is unclear what implications this will have on radio stations in the United States or the 2024 elections, it is likely to spark continued speculation and controversy ahead of the November election.

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