Soros could control hundreds of US radio stations – media — RT World News

If the deal goes ahead, the billionaire financier will partly own broadcast stations in 45 US states

Liberal financier George Soros has bought a major stake in the second-largest radio company in the United States, and he may gain “Effective control” More than 220 stations across the country, the New York Post reported on Wednesday.

Soros Fund Management bought about $400 million in debt owed by the media group Audacy during the bankruptcy process, the newspaper reported, citing court documents. The billionaire bought the debt at roughly 50 cents on the dollar from hedge fund HG Vora, the report continued, noting that once the bankruptcy court approves the deal, Soros would own about 40% of Audacy's total debt.

While 40% does not represent a majority stake, a source told the New York Post that Soros could still make gains. “Effective control of media giant as it emerges from bankruptcy”.

Audacy owns 227 music, sports and talk radio stations in 45 US states. The company also owns CBS Radio, which operates 11 news stations including KCBS in San Francisco and WCBS in New York. After years of declining revenues, Audacy filed for bankruptcy early last month with $1.9 billion in debt.

If the deal goes ahead as reported, Audacy will be the latest addition to Soros' growing media empire. Soros Fund Management joined a group of creditors to buy Vice Media last summer, paying $350 million to acquire the former media giant for $5.7 billion.

that “internal source” The New York Post cited it as calling the deal audacious “scary” Saying he believes Soros intends to use his stake to influence public opinion ahead of this year's presidential election.

The hedge fund manager best known for the collapse of the British pound in 1992, Soros is among the richest men on Earth, with an estimated net worth of $7 billion. This is in addition to $32 billion donated to a network of non-governmental organizations, charities, and political campaigns through the Open Society Foundations.

Soros is an advocate Mass migration To Western countries, European federalism, and economic and political liberalism. He was the largest donor of the 2022 US midterm election season, funneling $128 million to Democratic candidates and organizations. In addition to direct donations to candidates and activist groups, reportedly to Soros gave $300,000 to a group of TikTok influencers cooperated With the White House to promote President Joe Biden's policies.

The Open Society Foundations announced last year that Soros, 93, would step down from leadership of the organization and hand control to his 38-year-old son Alex.

You can share this story on social media:

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button