George Soros has purchased a potentially controlling stake in America’s second-largest chain of radio stations.
According to bankruptcy filings cited Wednesday in the New York Post, his Soros Fund Management has bought $400 million of debt in the Audacy chain.
The Post reported that the Fund’s stake comes to about 40% of Audacy’s debt, at a value of about 50 cents on the dollar.
“Although not a majority, [that] could yield effective control of the media giant when it emerges from bankruptcy,” the Post wrote.
A Republican insider “close to the situation” told the Post that Mr. Soros could be making the election-year purchase in a bid to influence public opinion.
“This is scary,” the source said.
Audacy owns more than 220 stations across the country and in almost all major markets.
It filed for bankruptcy on Jan. 7 with almost $2 billion of debt, and its Chapter 11 plan will likely wipe out the value for its current shareholders.
The proposal requires court approval, and a hearing on the deal is set for Tuesday in a federal bankruptcy court in Houston.