Left wing philanthropist George Soros is set to acquire a controlling stake in the second-largest radio broadcaster in America ahead of the 2024 presidential election.
The New York Post reported that Soros Fund Management has “bought up $400 million of debt in Audacy — the No. 2 US radio broadcaster behind iHeartMedia with stations including New York’s WFAN and 1010 WINS, as well as Los Angeles-based KROQ, according to bankruptcy filings.”
Soros will snap up 220 radio stations nationwide, giving him huge infleunce ahead of the the 2024 presidntial election.
According to a Republican insider famaialr with the situation, Soros’s move could be in order to influence public opinion during the 2024 election.
“This is scary,” the source said.
If Soros is successful, he will gain a 40 percent stake in the company’s senior debt, giving him major control of the company after it emerges from bankruptcy.
The Post noted:
“Soros scooped up the debt during the past few weeks at roughly 50 cents on the dollar from hedge fund HG Vora, according to a source close to the situation.”
“Under Audacy’s current Chapter 11 bankruptcy plan, existing shareholders are expected to be wiped out,” it added.
“High-ranking creditors like Soros would be repaid with stock in the restructured company.”
Audacy filed for bankruptcy on January 7 with $1.9 billion in debt.
Audacy said in a statement:
“The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business.”
In 2022, Soros also took over 18 Spanish-language radio stations, including the iconic conservative talk station Radio Mambi.
The Daily Signal reported:
“It’s a stab in the heart of the community,” says Lourdes Ubieta, a former host at Radio Mambi.
Radio Mambi gained a reputation “as a station that serves the Cuban exile community,” Ubieta says, because it spoke openly about the harms of socialism and communism.
When Ubieta and her colleague Dania Alexandrino learned that Radio Mambi was going to be part of the new Latino Media Network, they determined it was time to leave. The new network reportedly is funded primarily by Lakestar Finance, an entity affiliated with Soros Fund Management.
“These people from the left, these Democrats, they believe that [by] buying these 18 radio stations, somehow they can control the opinion they deliver [to] the Hispanic community,” Ubieta says.
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