The Federal Communications Commission (FCC), currently with a Democratic majority, is under scrutiny for allegedly expediting George Soros's acquisition of Audacy, one of the largest radio networks in the United States. Critics, including prominent conservative figures, argue that this move could consolidate media influence under Soros, known for his liberal activism, and skew public discourse.
Soros Fund Management, the financial arm of Soros's Open Society Foundations, has acquired a substantial stake in Audacy by purchasing $400 million of its debt. This acquisition positions Soros as a major player in the radio industry, with control over more than 230 stations nationwide, including significant outlets like New York's WFAN and Los Angeles's KROQ.
Dem-majority FCC helping George Soros fast-track takeover of nationwide radio network: ‘This is scary’ https://t.co/qwAWqy9e2Z pic.twitter.com/f58qymwyaQ
— New York Post (@nypost) June 18, 2024
The transaction's opponents argue that the FCC's handling of this deal bypasses standard regulatory processes designed to ensure media ownership diversity and prevent undue foreign influence. Brent Bozell III, founder of the Media Research Center, has filed a formal petition urging the FCC to deny the assignment applications necessary for Soros's takeover.
Bozell contends that the transaction violates the Communications Act by exceeding foreign ownership limits without proper review and approval.
The full list of Soros donations to universities around the world between 2016 and 2022. Total 109. pic.twitter.com/E4cyZ6UxPq
— Wyatt (@austerrewyatt1) June 17, 2024
Representative Chip Roy (R-TX) has also voiced strong opposition, labeling the expedited approval process as the "Soros Shortcut." He argues that allowing Soros to control such a significant portion of the radio market could lead to a homogenized media landscape that marginalizes conservative viewpoints and local content.
This sentiment is echoed by various media watchdog groups concerned about the potential for these stations to be used to propagate a specific political agenda.
The controversy extends beyond regulatory bypasses. Legal experts suggest that the rapid approval could undermine public trust in the FCC's commitment to maintaining a balanced media environment. Critics emphasize the need for a thorough investigation into the implications of such a significant ownership change, particularly regarding compliance with foreign ownership restrictions and the broader public interest.
As the FCC reviews the petitions and public comments, the debate over George Soros's expanding influence in the media sector continues to intensify. The outcome of this case will likely have significant implications for media regulation and the political landscape in the United States, highlighting ongoing concerns about media consolidation and its impact on democratic discourse.
