According to a New York Post article, Soros pumped $400 million into the radio outlet Audacy in February. The said network reaches 165 million monthly listeners and includes a handful of conservative shows from hosts including Sean Hannity, Dana Loesch, Mark Levin, Glenn Beck and Erick Erickson.
A source with knowledge of the deal told the news outlet that the idea that “Soros is buying hundreds of local radio stations right before a national election and will keep broadcasting Sean Hannity and other conservative talk radio hosts on Audacy is not credible.”
Soros Fund Management needs help from the FCC to take control of the network as the money funneled into buying the bankrupt network comes from abroad. Under existing FCC rules, foreign company ownership of radio stations in the United States is not allowed to exceed 25 percent, but a filing acquired by the Post included a request from Soros asking the commission to make an exception.
In response, FCC Commissioner Brendan Carr said that the FCC should not create a special Soros shortcut. He added that when it comes to a broadcast station acquisition of this size and magnitude, the FCC needs to run its full and normal review process.
“The FCC should not be skipping steps or waiving required agency processes,” Carr pointed out.
An alarm about this was first set off by Rep. Chip Roy (R-TX) in April. He said that this transaction, which affects radio stations that reach millions of listeners across the U.S., should, at minimum, be subject to rigorous FCC oversight to ensure U.S. radio stations are not subject to undue influence.
“Audacy owns more than 220 local radio stations in over 40 markets and is the second-largest American radio group behind iHeart,” a press release from Roy’s office read. “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.” (Related: Texas congressman slams George Soros over his acquisition of radio giant Audacy.)
He had earlier written the Soros group would usually petition to get its foreign funding sources vetted by the FCC first, but that they are trying 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.”
Meanwhile, critics believe the FCC’s influence is likely to be muted once the billionaire takes over and imposes his agenda, as he did with other media acquisitions.
