The recent approval by the Federal Communications Commission (FCC) of billionaire activist George Soros' acquisition of more than 200 Audacy radio stations has ignited controversy.
According to the NY Post, the FCC adopted an order to approve Soros' purchase of more than 200 radio stations in 40 markets just weeks before the US election in November.
This development has prompted allegations from Republican FCC commissioners and lawmakers of straight up malarkey. According to the Post, this deal was pushed through with a partisan 3-2 vote just before the presidential election, potentially enhancing Soros' reach to over 165 million Americans during a critical time.
The deal, which saw Soros funnel $400 million into the bankrupt Audacy network, has raised concerns because it involves foreign capital that exceeds the typical FCC cap on foreign ownership of U.S. radio stations. This cap is ordinarily set at 25%, but Soros' proposal requests an exception, urging a swift process adjustment. Critics argue that this fast-tracking bypasses the usual national security checks that are standard for such significant transactions, suggesting an unprecedented move by the FCC.
Commissioner Brendan Carr slammed the move, criticizing the FCC for creating what he termed a "special Soros shortcut," to which Elon Musk replied "[S]ounds like corruption."
This fast track right before an election sounds like corruption
— Elon Musk (@elonmusk) September 25, 2024
Carr was echoed by Nathan Simington, another Republican commissioner, who pointed out the irregularities in the approval process.
"The FCC has a practice of permitting entities temporarily to exceed foreign ownership caps when emerging from bankruptcy—and the majority, over my objection, did so here. But that wasn’t the only way in which this item was ‘fast-tracked,'" he told Fox News.
"Commission leadership tried to approve the item at the staff level, with nothing but a 48-hour notice to Commissioners on a summer Friday. There is almost no factual record on the item because there was almost no attempt to do a real public interest analysis," Simington continued. "Not a single Commissioner outside of the Chairwoman was invited to even think about the issue until staff was directed to handle it on our behalf without our votes. That’s the true ‘fast-track.’"
The transaction is stirring concerns over potential shifts in media influence. Soros' track record of acquiring media outlets and shifting their editorial directions has been a point of contention, especially concerning conservative radio programming. The Soros Fund Management, however, has stated plans to revisit the FCC for a regular review in the future.
Amid these developments, FCC Democrats argue that similar procedural flexibilities have been applied under previous administrations, citing bankruptcy cases like Cumulus Media and iHeart Media, where foreign ownership limits were temporarily exceeded to facilitate restructuring.
Rep. Nick Langworthy (R-NY) called out the FCC over the move - saying "Looking at the facts, it seems the administration is giving a left-wing billionaire, who is a major donor, a close ally, one of the chief funders of all of their efforts and their dark money, a free pass to take control of hundreds of local radio stations, flooding the airwaves with leftist propaganda and I think it’s blatant."
