Rep. Chip Roy has alleged that left-wing billionaire George Soros is making a corrupt attempt to pressure the Federal Communications Commission into approving his purchase of a major media company.
Soros’ investment company became the largest shareholder last month of Audacy — a media group that owns an extensive list of local radio stations. The purchase was made after Audacy went bankrupt. The commission must approve the deal before it is finalized.
Audacy requested that the Federal Communications Commission (FCC) provide a temporary exemption to its rule that bans foreign businesses from controlling more than a quarter of radio stations in the country.
Roy raised alarms in a letter****************PLEASE LINK TO PDF ATTACHED**********************, first reported by Fox News Digital, that described the request by Audacy as a sketchy attempt to accelerate the regulatory process. The letter was addressed to FCC Chair Jessica Rosenworcel.
“I write today regarding Soros Fund Management’s acquisition of over $400 million in debt held by Audacy — the second-largest broadcast radio station owner in the country. Of particular concern, the Soros groups are asking the Federal Communications Commission (FCC) to approve a change in ownership in Audacy without the FCC running its normal, statutorily required process,” Roy wrote.
“This transaction, which affects radio stations that reach millions of listeners across the U.S., including in Texas’ 21st congressional district, should — at minimum — be subject to rigorous FCC oversight to ensure U.S. radio stations are not subject to undue influence,” he continued.
Soros made a similar purchase last year when his management firm became one of the companies that bought Vice Media after it went bankrupt, reported The Wall Street Journal.
Roy said the FCC should treat the Audacy purchase like any other business move the agency regulates.
“But instead of going through the usual petition for declaratory ruling process, which would enable the FCC to review and assess those foreign ownership interests as part of its transaction review, the Soros group has asked the FCC to waive that process and put it off until sometime down the road — indicating that those foreign stakeholders will be given ‘special warrants’ in the meantime,” he wrote.
“The Soros group says that skipping the foreign ownership review at this time will enable the FCC to expedite its approval of the Soros applications and thus allow them to more quickly realize their ownership interests in, and take the reins at, these hundreds of local radio stations across the country,” he added.
