FCC Chairman Brendan Carr is scheduled to brief lawmakers on the Federal Communications Commission’s (FCC) investigation into George Soros’s influence over local radio stations. This development follows concerns raised by Carr and other Republican officials regarding Soros Fund Management’s acquisition of a significant stake in Audacy, a major radio company.
Background on the Investigation
In April 2024, Soros Fund Management purchased approximately $400 million of Audacy’s debt, amounting to about 40% of the company’s obligations. Audacy, which owns over 200 radio stations across 40 U.S. markets, filed for bankruptcy earlier that year. The deal has prompted scrutiny due to the potential for foreign ownership exceeding 25%, a threshold that typically necessitates a national security review by the FCC.
Commissioner Carr has expressed concerns that the FCC is expediting this review process, potentially bypassing standard procedures. He highlighted that the commission is considering granting a temporary waiver of the national security review, allowing the transaction to proceed before the upcoming election. Carr referred to this as creating a “shortcut” for the approval process .
Political and Regulatory Implications
The investigation has become a focal point for discussions on media ownership and potential biases in broadcasting. Critics argue that the expedited process could set a concerning precedent for foreign influence in U.S. media. In contrast, proponents assert that the deal is a necessary step for Audacy’s financial recovery and that the FCC’s actions are within its regulatory authority.
Chairman Carr’s upcoming briefing is expected to provide further insights into the FCC’s stance on this matter and its broader implications for media regulation and foreign ownership in the communications sector.
