Rep. Chip Roy, left, is calling national attention to George Soros' hedge fund acquiring a large stake in a radio company. (Getty Images)
Soros’ investment firm became the largest shareholder of Audacy last month, which owns local radio stations across the country. Audacy filed for bankruptcy earlier this year.
Soros Fund Management was involved in a similar corporate restructure last year when it was one of the companies that acquired Vice Media after its bankruptcy filing last year.
Now, however, Roy raised alarm over Audacy also requesting that federal officials grant it a temporary exemption to existing FCC rules that forbid foreign company ownership of U.S. radio stations to exceed a 25% share, which would normally slow down the approval process.
Audacy is the second-largest radio network in the U.S. after iHeartRadio. (Getty Images)
"But instead of going through the usual petition for declaratory ruling process, which would enable the FCC to review and assess those foreign ownership interests as part of its transaction review, the Soros group has asked the FCC to waive that process and put it off until sometime down the road — indicating that those foreign stakeholders will be given ‘special warrants’ in the meantime," Roy wrote.
"The Soros group says that skipping the foreign ownership review at this time will enable the FCC to expedite its approval of the Soros applications and thus allow them to more quickly realize their ownership interests in, and take the reins at, these hundreds of local radio stations across the country."
Audacy's restructuring deal, which includes Soros' firm and others, has been approved by the courts and is now awaiting its final hurdle — FCC approval, according to Inside Radio.
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Roy told Fox News Digital that he heard from constituents who "reached out and raised issues and concerns about the extent to which it's very clear that Soros is, you know, making a move in the radio world."
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"I wanted to pose those questions to…understand what's happening with the FCC on this, and raise the awareness publicly of the extent to which Soros' people may be using — either the rules to their advantage, or frankly, the rules are getting abused to fast-track getting in there and grab that debt as a backdoor way to try to acquire a significant amount of ownership over local radio," he said.
Fox News Digital reached out to Audacy, the FCC and a Soros representative for comment.
Elizabeth Elkind is a politics reporter for Fox News Digital leading coverage of the House of Representatives. Previous digital bylines seen at Daily Mail and CBS News.
Follow on Twitter at @liz_elkind and send tips to elizabeth.elkind@fox.com
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