A House committee is investigating the sale facilitated by the federal agency before the November election.
The Federal Communications Commission has provided regulatory approval for Audacy to transfer its licenses to a nonprofit funded by George Soros. Audacy will be able to come out of Chapter 11 bankruptcy through the sale, and Soros Fund Management will acquire over 200 radio stations. Audacy’s executives and management team will remain the same.
The House Committee on Oversight and Accountability questioned the FCC’s facilitation of the deal. The chair announced an investigation into the agency’s potential politicization of the deal and possible attempt to interfere with the 2024 election.
Prior to the approval, FCC Commissioner Brenda Carr testified before Congress, “The FCC is not following its normal process for reviewing a transaction. 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.”
The House committee wrote to FCC Chair Jessica Roseworcel, saying, “Despite the unprecedented nature of this action, the FCC majority has apparently decided to approve licenses on an accelerated timeframe for a company in which George Soros has a major ownership stake, and with stations in 40 media markets reaching ‘more than 165 million Americans.’ By all appearances, the FCC majority isn’t just expediting, but is bypassing an established process to do a favor for George Soros and facilitate his influence over hundreds of radio stations before the November election.”
As the Lord Leads, Pray with Us…
- For the chair and commissioners of the FCC as they evaluate and consider sales and mergers within the U.S. communications market.
- For the members of the House Oversight and Accountability Committee as they probe the irregularity of the FCC’s approval process in an election year.
Sources: Bloomberg L.P., House Committee on Oversight and Accountability, CNN
