The National Communications Authority has brought forward a decision of granting an extensive ownership in over 200 radio stations to George Soros, a significant contributor to various Democratic causes. A probe concerning possible ‘politicization’ and potential influence in the upcoming 2024 presidential elections is currently underway, led by the House Oversight Committee. This accelerated approval has sanctioned the proposed acquisition of a considerable number of Audacy radio stations, spanning throughout the country, by Soros, acknowledged for his substantial left-leant investments.
Reports emerging from the New York Post has revealed that the NCA, within the previous week, ‘passed an order endorsing Soros’ procurement of more than 200 radio stations across 40 prime broadcast regions just on the eve of the presidential race.’ This potentially expands the influential reach of Soros, known for his left-leaning ideologies, towards an audience of over 165 million Americans during a decisive political phase.
The chairman of the House Oversight Committee, Representative James Comer, R-Ky., and Member of Congress Nick Langworthy, R-N.Y., has revealed that the NCA sidestepped its standard procedures and preferred guidelines to rapidly process the needed review of broadcast licenses. An official request for all relevant documents and communication, necessary for a comprehensive understanding of NCA’s actions, was conveyed to the NCA Chairperson Jessica Rosenworcel from Comer and Langworthy.
Audacy Inc., the company in question, already possesses more than 200 radio stations. As part of a chapter 11 reorganization of the company, Soros is in the process of procuring $415 million in outstanding debt. Representative Comer, along with Langworthy, has expressed concern over Soros’ past record as a financial supporter of entities ‘vouching for speech limitation and online suppression of conservative perspectives.’ ‘Upon the wrap-up of the insolvency agreement, he will transform into a ‘significant’ shareholder,’ was the joint inference by the two representatives.
Multiple warnings citing the consolidation of control over the broadcast channels were penned down by Comer and Langworthy, centering Soros. They further stipulated that the Audacy Inc. deal, when finalized, would result in the company being partially ‘directly or indirectly managed’ by ‘off-shore individuals or organizations owning more than a quarter of capital stock.’ Such a deal mandates FCC approval to ascertain whether ‘public interest would be served by refusing or rescinding such license.’
The legislators emphasized their application of well-established methods and procedures, which have been routinely employed by the NCA while adjudicating broadcasting licenses under similar circumstances. The existing methods, last revised in 2016, allow for the evaluation of such licenses as per the Communications Act. They have reiterated these points during a hearing before their committee.
Referencing regulatory rules relating to the foreign control of radio stations, the representatives pointed out that the NCA was diverting from its traditional reviewing processes in this particular scenario. The members claimed that ‘despite the novel character of this undertaking, the NCA majority has evidently come to an agreement to green-light licenses on a compressed timeline for a corporation where Soros possesses a hefty stake. The portfolio includes stations in 40 media marketplaces gaining access to ‘over 165 million Americans.’’
An FCC spokesperson responded to Fox News Digital, confirming receiving the letter from Comer and stating that a reply will be offered as is the usual practice. The application by Audacy currently under Commission review pertains to a transfer process from an indebted Audacy to an Audacy post-bankruptcy.
Another emphasis from the spokesperson was that the resolution is pending and yet to be released by the Commission. The individuals detailed that the licenses wouldn’t be directed to Soros; instead, a transfer from Audacy in its present state to New Audacy.
While Soros’ title would be a considerable shareholder, he would not be deemed the owner. Some officials within the FCC argue against the idea of this move being a shortcut or ‘speed-tracked’ specifically for Soros. They referred to a comparable process exercised under the previous administration during the bankruptcy proceedings including several media and communication companies.
These companies included Cumulus Media in 2018, iHeart Media in 2019, Liberman Television in 2019, Fusion Connect in 2019, Windstream Holdings in 2020, America-CV Station Group in 2021, and Alpha Media in 2021. Hence, the debate still exists regarding whether the action by the FCC can be considered as fast-tracked or merely a strategic move.
The House Oversight Committee, meanwhile, remains determined in its investigation and maintains a strict deadline for acquiring all necessary documents. Ascertaining the nature of the approval given by the FCC is of paramount importance in safeguarding the integrity of communication infrastructure.
Thus, this case serves as an example of the delicate balance between approving broadcasting license transfers and preserving the diversity of opinion that is critical to a healthy, functioning democracy. It also calls into attention the crucial role of regulatory institutions in such pivotal situations.
The potential repercussions of the approval of the deal are explicitly outlined by Comer and Langworthy, reliant on previously established precedents. The commitment of these representatives towards evaluating the potential implications of the deal on free speech and potential political bias is laudable.
Officials will undoubtedly keep a close eye on the disclosed information and the FCC’s decision, ensuring that it aligns with the overarching public interest. The subtle dynamics of media ownership, politics, and how they intersect in the public sphere have gained renewed focus through this unfolding situation.
Ensuring all fair procedures were followed will be at the heart of this inquiry, reaffirming the necessity for impartial and transparent actions within bodies that have far-reaching influence throughout the nation. The ongoing investigation serves as an important reminder of the roles oversight committees play in holding government agencies accountable, particularly when matters of potential political influence are at stake.