Earlier this month, an investment firm founded by George Soros acquired $400 million worth of debt owed by the nation's second-largest radio network in a ploy to acquire a stake in the media conglomerate. It's the latest in a series of media-related moves. by an organization associated with Soros.
Soros Fund Management has acquired $400 million worth of debt from Audacity, the nation's second-largest radio station network, which had filed for bankruptcy. show. Soros and groups associated with him have funneled money into local news operations, funded the acquisition of newspapers, bought other radio stations, and funded pro-Democratic news websites. Ta.
Audacy is currently pursuing a restructuring agreement that will give debt holders equity in the company in proportion to the amount of their debt. announced Via press release. An arrangement that allows people who hold a company's debt to become shareholders of stock is subject pending court approval. according to To Odashi. (Related: George Soros eyes latest target – one of Republican strongholds)
One person close to the situation, a Republican. busy He told the New York Post that he believes Soros may be seeking to acquire the stock to influence public opinion in the run-up to the 2024 election.
boldness own With more than 200 radio stations nationwide, only radio giant iHeartMedia has more radio stations.
The Audacy acquisition is just the latest in a series of moves by Soros and its affiliated charities to get involved in media operations.
Latino Media Network plans to buy a group of 18 Spanish-language radio stations across the U.S. for approximately $60 million in 2022, using financing from Lakestar Finance, an investment firm backed by Soros Fund Management. Acquired. serve According to SEC filings, it acts as a “principal investment manager.”
Some radio hosts have quit stations acquired by Soros-backed groups over editorial disputes.
The purchase timing coincided with Concerns Some believed that the Democratic Party was losing support among Hispanics.
Soros' philanthropy has also funneled millions of dollars into local news efforts in recent years.
The Foundation for the Advancement of Open Society donated nearly $2 million to the Lenfest Institute from 2019 to 2022. according to Save to grant database. The foundation donated more than $500,000 to the nonprofit news institute from 2020 to 2022. according to Save to grant database.
The Lenfest Institute owns the Philadelphia Inquirer and provides operational support to local media outlets across the country according to its regulations. Website.
Meanwhile, the Nonprofit News Institute said,strengthen and support“We carry out more than 400 news operations nationwide.” provide provide them with funds, give instructions The group's website says they are discussing how to better integrate “racial equity and inclusion” into newsrooms.
Another Soros nonprofit, the Open Society Foundations, provides funding to the National Trust for Local News, which Soros has directed to use to purchase 22 news publications in Maine. He is said to have given instructions to the group.
George Soros, founder and chairman of the Open Society Foundations (Photo by OLIVIER HOSLET/POOL/AFP, Getty Images)
Soros' support for nonprofit local news is sometimes overtly partisan.
Policy reform funds, organizations established and funded Written by Soros, Gave Courier Newsroom $5 million in 2021-2022.
Courier Newsroom is a coalition of websites that bills itself as a local news operation but has been accused of primarily working to help elect Democrats.
“The Open Society Foundations believes that free and independent media is the cornerstone of democracy and freedom, and we are proud of the hard work of our grantees to advance these principles. ,” an Open Society spokesperson told the Daily Caller News Foundation.
Soros' involvement in the media has been ongoing for many years. The billionaire philanthropist's tens of millions of dollars spent on media projects date back to at least 2003. according to Go to the Media Research Center report.
A spokesperson for Mr. Soros did not immediately respond to DCNF's request for comment.
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