(ConservativeJournal.org) – Infamous billionaire leftist George Soros is ogling a potential purchase of Audacy stock. Soros wants to gobble up $400 million in debt paying 50 cents on every dollar to acquire stock in the company after it emerges from bankruptcy. The plan has to be approved by a judge in the matter before it can be executed, however.
Audacy owns over 220 radio stations around the country and is the No. 2 US radio corporation behind iHeartMedia. Its assets include New York station WFAN as well as 1010 WINS, and LA’s KROQ, according to court filings.
One insider who identified himself as a Republican reported that he believed Soros wanted control over the airwaves in the crucial run-up to the November 2024 general election. He called the situation “scary” in comments given to the New York Post.
The NYP additionally reported that the purchase would give Soros control over 40% of the company via stock ownership. While it’s not a majority share, it’s still enough to exert significant influence after the conclusion of the bankruptcy proceedings.
Audacy confirmed Soros’ involvement in a statement. They suggested the purchase represented “a significant vote of confidence” that the company can return to profitability. Soros’ representatives failed to respond to requests for comment.
Before the plan can be finalized, however, U.S. District Judge Christopher Lopez will have to approve the plan during a hearing on February 20 in Houston bankruptcy court.
Audacy declared bankruptcy back in January, claiming a total debt-load of $1.9 billion. The current Chapter 11 plan would wipe out existing shareholders. Soros and other creditors will be repaid with stock after the deal is finished, but it must be approved by the courts.
Soros has been gobbling up media, last summer Soros and friends formed a syndicate of former lenders who offered up $350 million for Vice Media after it declared bankruptcy. The fallen alternative media company was valued at $6 billion at one point in time. A judge in Manhattan said the Soros syndicate was the best option to take over the company.
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