DETROIT (Michigan News Source) – Left-wing Billionaire financier George Soros, through his investment arm Soros Fund Management, has recently acquired a significant stake in Audacy, Inc., the second-largest radio broadcaster in the United States, making him the largest shareholder of the company.
This acquisition puts Soros in control of over 200 radio stations across the country, including key stations in Michigan. The deal, valued at over $400 million in debt holdings, was expedited through Federal Communications Commission (FCC) approval processes, prompting Congressional scrutiny and raising public concerns about media influence.
Audacy’s playlist.
Audacy, Inc. holds stations in 40 media markets, covering more than 165 million Americans. In Michigan, Michigan News Source found approximately 23 stations in the Audacy portfolio including many in the Detroit metro area including WDZH 98.7 FM (alternative rock), WOMC 104.3 FM (classic hits), WWJ 950 AM (all-news radio), WXYT 1270 AM (sports gambling), WXYT-FM 97.1 FM (sports radio), and WYCD 99.5 FM (country music). Others found were listed as being from Southwest Michigan, Flint, Ann Arbor, Grand Rapids and online radio stations originating in the Great Lakes State. These stations represent diverse genres and appeal to a broad swath of listeners in Detroit and around the state.
FCC scrutiny and controversy surround rapid approval.
The speed at which this acquisition was approved has led to questions in Washington. The House Oversight and Accountability Committee, led by Kentucky Republican Rep. James Comer, started an investigation into the FCC’s decision to expedite the approval process, which some believe is an “unprecedented” action which bypassed standard procedures and processes.
Republican FCC Commissioner Brendan Carr voiced his own reservations, noting that the usual safeguards, especially those addressing foreign ownership and potential monopolization, may have been bypassed.
“The FCC is not following its normal process for reviewing a transaction,” said Carr. “We have established over a number of years one way in which you can get approval from the FCC when you have an excess of 25 percent foreign ownership, which this transaction does. It seems to me that the FCC is poised to create, for the first time, an entirely new shortcut.”
Michigan stations in Soros’ portfolio.
Audacy’s stations serve millions of listeners daily. With the acquisition, many of Detroit’s most popular news, music, and sports stations now fall under the influence of Soros Fund Management. These stations have traditionally been voices of local culture and opinion, shaping the way Michiganders access news and entertainment. Soros’ significant investment prompts questions about potential shifts in content and editorial direction – and whether such purchases and expedited approvals will continue to be permitted going forward.
FCC’s current lineup.
The FCC under the Biden-Harris Administration has five commissioners with staggered five-year terms. There are three Democrats and two Republicans on the commission with the Chair currently being a Democrat. The president appoints new commissioners when their terms expire or if they step down and it requires Senate confirmation. The president also designates one of the commissioners to be the Chair and they set the commission’s agenda. All signs suggest that Brendan Carr, who was originally nominated to the commission by Trump and re-nominated by Biden, will step in as the new Chair at the start of the year following Trump’s inauguration.
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Commissioners up for re-nomination by next year include current Democratic Chair Jessica Rosenworcel, whose term expires on June 30, 2025, and Republican Nathan Simington, whose term technically ended this year but appears set to continue until Congress wraps up its session.
Carr calls for FCC transition focus.
With Donald J. Trump’s election victory, Commissioner Carr issued the following statement on his election and the recent call by congressional leadership to ensure a smooth change in direction at the FCC. Carr said in his statement, “I want to congratulate President Trump on his historic election victory. The American people have sent a clear and decisive message to Washington. It is time to change course. That is why I agree with congressional leadership that the FCC should immediately stop work on any partisan or controversial matter and focus on the transition.”
Carr went on to say, “When the transition is complete, the FCC will have an important role to play reining in Big Tech, ensuring that broadcasters operate in the public interest, and unleashing economic growth while advancing our national security interests and supporting law enforcement. The FCC can and must deliver results for the American people.”
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