Billionaire liberal George Soros, through his management fund Soros Fund Management, has made an outstanding move to expand his presence in the audio industry.
In February, the fund acquired a controlling interest in Audacy, the second-largest radio company in the U.S., which owns 230 radio stations across the nation, including popular stations like New York’s WFAN and Los Angeles-based KROQ.
Reports indicate that Soros Fund Management, now overseen by Soros’ nonprofit Open Society Foundations, has shown interest in acquiring other struggling radio companies, such as Cumulus Media.
The fund’s media investor, Michael Del Nin, has engaged in discussions with key figures in digital media and audio, exploring potential acquisitions, including podcast companies like Project Brazen, Pushkin Industries, and Lemonade.
However, Soros’ ambitions to build an audio empire may face challenges due to Federal Communications Commission (FCC) regulations limiting the ownership of radio stations by a single entity.
In response to Soros’ acquisition of Audacy, Republican Representative Nick Langworthy has called on FCC Chair Jessica Rosenworcel to investigate the purchase.
Langworthy expressed concerns about potential ideological consolidation and a loss of diversity in the media landscape. Langworthy emphasized the importance of preserving the local connection and diversity of thought that local radio stations provide to communities.
