Republican members of Congress have intensified their probes into the acquisition of over two hundred radio stations by billionaire George Soros, known mainly for his leftist views and willingness to fund far-left causes. Those doing the investigating claim that the radio station takeover has national security implications.
As background, Soros’s ability to take over the radio stations comes from the bankruptcy of Audacy, Inc. It is the second-largest radio station in the United States, owning hundreds of radio stations. When it declared bankruptcy, a Soros-backed fund was able to acquire much of the company’s debt and take over more than 200 radio stations.
House Energy and Commerce Committee Chair Cathy McMorris Rodgers led the charge amongst 40 other Republicans in demanding answers as to how Soros was able to engage in the acquisition in Chairwoman of the Federal Communications Commission (FCC), which voted 3-2 to waive the required national security review for the acquisiton.
In the letter, Rep. Rodgers said, “We write to better understand the recent decision made by the Federal Communications Commission (FCC) to waive its foreign ownership rules to fast track the purchase of more than 200 radio stations in the United States (U.S.) by a Fund backed by a Democrat mega-donor.”
Continuing, the letter noted that the timing of the deviation from the normal process is suspect, saying, “This process seemed to deviate from the regular order with which the FCC has historically reviewed transactions under Section 310(b) of the Communications Act of 1934 (P.L. 73-41), and with this approval happening just before a Presidential election, the timing seems suspect.”
Describing what happened that should have led to review, the letter provided, “In January 2024, Audacy Inc., the second-largest radio company in the U.S., filed for bankruptcy under Chapter 11 of the Bankruptcy Code. In Audacy’s filings, it revealed that a George Soros-backed group had acquired at least 40 percent of Audacy’s debt. Audacy estimated that, upon emerging from bankruptcy, 25 percent or more of its stock would be indirectly foreign owned, which triggers FCC review. This review process requires national security agencies to review the transaction and offer any policy concerns.”
Then, noting that normal process was deviated from and a waiver granted for the takeover, “Unfortunately, on September 30, 2024, the FCC released an Order granting a waiver of this review process, allowing foreign control of a significant number of radio stations across the entire United States.”
Describing the decision as concerning, the letter provided, “It is highly concerning that the FCC did not follow regular order for a transaction of this magnitude. Licensees and investors need certainty that the FCC will follow its rules and procedures when approving transactions so that the broadcast industry can have the resources it needs to continue serving the public.” The letter then went on to demand answers as to what happened and why the waiver was granted.
Rep. Rodgers and her fellow Republican members of Congress aren’t the only ones to call out the transaction and lack of typical procedures to investigate the national security implications. Also doing so was conservative FCC Commissioner Brendan Carr. He said, in a written statement on the matter:
The Commission’s decision today is unprecedented. Never before has the Commission voted to approve the transfer of a broadcast license—let alone the transfer of broadcast licenses for over 200 radio stations across more than 40 markets—without following the requirements and procedures codified in federal law. Not once. And yet the Commission breaks this new ground today without seeking public comment on altering our established regulations, without actually changing the rules on the books, and without seeking the feedback of other federal agencies with relevant equities.
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Federal law requires applicants with excessive foreign ownership to file a
petition for declaratory ruling at the same time that they seek FCC approval for the relevant license transfers, they must then complete that process before the FCC can approve the assignment of licenses, and that process must enable Executive Branch agencies with national security and specific policy expertise to weigh in.
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