FCC Concern Over Speedy Approval of Major Radio Station Buyout

An FCC official has raised eyebrows over the rapid approval of George Soros’s acquisition of 200 radio stations, leaving many puzzled about the endgame.

At a Glance

• Soros Fund Management acquired $400 million in debt from Audacy.
• FCC approval process was expedited, bypassing usual reviews.
• Concerns over exceeding the foreign ownership limit.
• Government officials and conservatives call for a full review.
• Potential influence on public opinion ahead of the 2024 election.

Concerns Over Soros’s Acquisition

An FCC Commissioner has criticized the fast-tracking of George Soros’s acquisition of over 200 radio stations. This acquisition arises from Soros Fund Management’s $400 million debt buyout of Audacy, which is restructuring under Chapter 11 bankruptcy. Soros’s move is alarming many due to its potential impact on media control, especially since Audacy operates in over 40 markets.

The public can file petitions to contest the ownership transfer applications. The FCC must decide if the transaction aligns with the Communications Act and FCC regulations. Critics insist that the deal sidesteps national security reviews and the usual declaratory ruling process, raising concerns about compliance and oversight.

Efforts by the Soros group seek to expedite FCC approval, sidestepping comprehensive reviews and inviting backlash from some officials. Commissioner Brendan Carr and Congressman Chip Roy have launched objections, emphasizing a thorough review. Additionally, the deal occurs just before the 2024 presidential elections, raising suspicions about its timing and potential influence.

George Soros closer to controlling 200 radio stations despite objection from Trump-nominated FCC commissioner https://t.co/rbuhD04V1N

— Fox News (@FoxNews) September 25, 2024

Breaking Regulatory Norms

The FCC’s rapid approval has drawn fire for alleged procedural irregularities. Critics argue that the Soros-driven acquisition could break the rule limiting foreign ownership of U.S. radio stations to 25 percent. Commissioner Carr highlighted that the agency has never before allowed such a “shortcut” for foreign ownership reviews. The expedited process used a partisan vote—three Democrats in favor, two Republicans against—which broke the usual protocol.

“The FCC should not create a special Soros shortcut,” Carr told The Post this week.

WATCH: FCC adopts order to approve George Soros’ purchase of over 200 radio stations weeks before the 2024 presidential election pic.twitter.com/3A9Tk7IlPm

— Florida’s Voice (@FLVoiceNews) September 25, 2024

Implications for Media Landscape

Republican officials fear George Soros might impose a liberal agenda on the network, marginalizing conservative voices. Commissioner Nathan Simington criticized the handling of the deal as rushed, with minimal public interest analysis or factual record. “The FCC decision came after a partisan vote with the commission’s three Democrats voting for the move while the two Republicans voted against it,” noted a Fox News segment.

The unprecedented nature of this approval, bypassing national security reviews, has led to further scrutiny. Congressman Chip Roy termed the move as giving Soros—a left-wing billionaire with significant political influence—a “free pass” to flood the airwaves with propaganda.

“The idea that George Soros is buying hundreds of local radio stations right before a national election and will keep broadcasting Sean Hannity and other conservative talk radio hosts on Audacy is not credible.”

The results of this acquisition, especially in the context of rising media centralization, have far-reaching implications for American public opinion and discourse. Critics argue it sets a dangerous precedent for future media acquisitions and government oversight.