FCC Approves George Soros' Acquisition of Over 200 Radio Stations
The Federal Communications Commission (FCC) has recently given the green light to billionaire activist George Soros' purchase of over 200 Audacy radio stations, sparking controversy.
Acquisition Approved Just Before Election
As reported by the NY Post, the FCC approved Soros' acquisition of more than 200 radio stations across 40 markets just weeks before the US election in November. This move has led to accusations of foul play from Republican FCC commissioners and lawmakers. The Post reports that this deal was rushed through with a partisan 3-2 vote ahead of the presidential election, which could potentially extend Soros' influence to over 165 million Americans during a crucial period.
Concerns Over Foreign Capital
The deal, which involved Soros investing $400 million into the bankrupt Audacy network, has raised eyebrows due to the involvement of foreign capital that surpasses the usual FCC limit on foreign ownership of U.S. radio stations. The standard cap is set at 25%, but Soros' proposal requested an exception and a fast-tracked process adjustment. Critics argue that this expedited process circumvents the typical national security checks that are standard for such large transactions, suggesting an unusual move by the FCC.
Criticism of the FCC's Decision
Commissioner Brendan Carr denounced the move, accusing the FCC of creating a "special Soros shortcut," a sentiment that was echoed by Elon Musk, who commented, "[S]ounds like corruption."
Carr's criticism was supported by Nathan Simington, another Republican commissioner, who highlighted the irregularities in the approval process. He told Fox News, "The FCC has a practice of permitting entities temporarily to exceed foreign ownership caps when emerging from bankruptcy—and the majority, over my objection, did so here. But that wasn’t the only way in which this item was ‘fast-tracked.'"
Concerns Over Media Influence
The transaction is causing concerns about potential shifts in media influence. Soros' history of acquiring media outlets and changing their editorial directions has been a point of contention, particularly regarding conservative radio programming. However, Soros Fund Management has stated plans to revisit the FCC for a regular review in the future.
Counterarguments from FCC Democrats
Despite these concerns, FCC Democrats argue that similar procedural flexibilities have been applied under previous administrations. They cite bankruptcy cases like Cumulus Media and iHeart Media, where foreign ownership limits were temporarily exceeded to facilitate restructuring.
Political Reactions
Rep. Nick Langworthy (R-NY) criticized the FCC's decision, stating, "Looking at the facts, it seems the administration is giving a left-wing billionaire, who is a major donor, a close ally, one of the chief funders of all of their efforts and their dark money, a free pass to take control of hundreds of local radio stations, flooding the airwaves with leftist propaganda and I think it’s blatant."
Bottom Line
The FCC's approval of George Soros' acquisition of over 200 radio stations has sparked a heated debate. Critics argue that the deal was rushed through without the usual checks and balances, while others contend that similar exceptions have been made in the past. The potential for shifts in media influence is also a point of contention. What are your thoughts on this controversial decision? Share your views and discuss with your friends. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.
