Audacy Bankruptcy Goes To FCC

[TheBigA]

The Audacy bankruptcy plan will be reviewed by all five commissioners. This according to Sen. Ted Cruz.

Audacy Reorganization Plan Will Get Vote By All Five FCC Commissioners.

Audacy’s application seeking approval by the FCC for its bankruptcy reorganization plan will be reviewed by the five commissioners rather than getting sign-off from the Media Bureau. That’s according to

www.insideradio.com

Audacy Gets Emergency Extension As GOP Targets FCC On Soros - Radio Ink

Audacy received a stay on imminent debt maturities in US Bankruptcy Court on Thursday, but Senator Ted Cruz is pushing to slow the process even more because of George Soros.

radioink.com

Cruz is convinced that the investment by George Soros in Audacy is political, and wants it to be denied.

He and other Republicans think the Soros money is why the company is looking to expand the amount of foreign investment. But the Soros money didn't cause that problem for its investment in the Latino Media Networks. So it appears that the foreign investment is coming from another place. In any event, the question will come up during the hearing. I expect the plan to be approved 3 to 2, along party lines. When that happens, Cruz & his party will claim election interference, even though nothing has happened.

 

[Y2kTheNewOldies]

Shareholder services

HOME > SHAREHOLDER SERVICES Shareholder services Shareholder Data Room Access To request access to Audacy’s secured IntraLinks site containing

audacyinc.com

George Soros' $415 Million Stake In Audacy Is Billionaire's Latest Radio Gambit.

George Soros' buyout of approximately $415 million of Audacy's debt would make his Soros Fund Management the largest stakeholder of the second-largest radio company in the U.S. when it emerges

www.insideradio.com

OK this is where George Soros gets inserted in the Audacy investment discussions and the bankruptcy part. But then again with certain parties they may or may not like certain investment groups like Soros or others given the background surrounding the leader of the investment group. But all Audacy was doing is addressing their bankruptcy issues.

 

[davideduardo]

Shareholder services

HOME > SHAREHOLDER SERVICES Shareholder services Shareholder Data Room Access To request access to Audacy’s secured IntraLinks site containing

audacyinc.com

George Soros' $415 Million Stake In Audacy Is Billionaire's Latest Radio Gambit.

George Soros' buyout of approximately $415 million of Audacy's debt would make his Soros Fund Management the largest stakeholder of the second-largest radio company in the U.S. when it emerges

www.insideradio.com

OK this is where George Soros gets inserted in the Audacy investment discussions and the bankruptcy part. But then again with certain parties they may or may not like certain investment groups like Soros or others given the background surrounding the leader of the investment group. But all Audacy was doing is addressing their bankruptcy issues.

The party affiliation of an investor's distanced "advisor" is not considered by the FCC. And the full Commission has a Democrat majority.

The issues have to do with monopolistic practices and, in this case, likely the investor interest in the Latino Media Network where there is some excessive overlap.

 

[TheBigA]

The issues have to do with monopolistic practices and, in this case, likely the investor interest in the Latino Media Network where there is some excessive overlap.

Neither of which were mentioned by Cruz. He claims that the Soros investment is the reason the company is seeking a waiver on foreign investment. But as we know, Soros is a US citizen, and his investment didn't trigger a need for a foreign investment waiver for the Latino Media Network. The Republicans made the same demands about that investment, and their claims were denied. Two years later, the LMN has done none of the things the Republicans claimed. In the meantime, LMN has made arrangements to deal with any possible overlaps.

The simple way to handle the foreign investment waiver is make it contingent on certain things. They can grant it in a general way, and then if the company does things based on Soros investment, it gets called back to the FCC. That way there are no further delays in the process. But we all know this is all chicken little political posturing, and there are no facts that would delay an approval.

The Soros investment is no different than the John Catsimatidis purchase of WABC. These are two older men who grew up listening to radio, and want to use their wealth to preserve it in some way. Same with Jeff Bezos buying the Washington Post. The only reason he hasn't used his billions to buy radio is it would personally conflict with Amazon Music Radio.

 

[TheBigA]

In the meantime, the bankruptcy judge has granted Audacy the requested delay:

Bankruptcy Judge Grants Audacy More Time To Work Plan.

Audacy on Thursday received the approval of a federal judge to extend several debt agreements that were set to expire next week, keeping the company from financial harm as it

www.insideradio.com

 

[davideduardo]

I believe it's much simpler than that. All one needs to read is Ted Cruz names George Soros as a reason to deny the bankruptcy reorg.
Not only is Cruz an anti-Semite by targeting Soros likely without knowing anything about Audacy, or the bankruptcy details, but making Soros in particular out to be some symbolic 'boogieman' is a big part of the GOP political playbook.

Most people who understand economics in the UK know that Soros' currency manipulation that seriously harmed the economy and basic family expenses make him vastly worse than a "boogieman".

 

[TheBigA]

Most people who understand economics in the UK know that Soros' currency manipulation that seriously harmed the economy and basic family expenses make him vastly worse than a "boogieman".

But it has nothing to do with his investment in Audacy or this application before the FCC. Had their been any issues with him or his investments, they would have come up two years ago.

 

[davideduardo]

Neither of which were mentioned by Cruz. He claims that the Soros investment is the reason the company is seeking a waiver on foreign investment. But as we know, Soros is a US citizen, and his investment didn't trigger a need for a foreign investment waiver for the Latino Media Network.

But the entities that are doing the financing are not wholly owned by Soros and can / may be significantly owned by foreign interests. This is a common factor now with all publicly traded companies and has been since many shares are not titled but held by brokers and many others are held by offshore investment funds or individual investors and this can change almost daily.

The Republicans made the same demands about that investment, and their claims were denied. Two years later, the LMN has done none of the things the Republicans claimed. In the meantime, LMN has made arrangements to deal with any possible overlaps.

LMN has done none of that because their management is highly inexperienced and has absolutely no clue about what they are doing. A bunch of political operatives with no radio knowledge was put in charge of nearly 20 totally dog radio stations or good statins in bad markets.. Not a good example

The simple way to handle the foreign investment waiver is make it contingent on certain things. They can grant it in a general way, and then if the company does things based on Soros investment, it gets called back to the FCC. That way there are no further delays in the process. But we all know this is all chicken little political posturing, and there are no facts that would delay an approval.

The problem with investment firms that may be owned as soon as tomorrow by foreign interests is that they need to cover that contingency. Of course, Soros is disliked by Cruz and that makes it a more intense battle.

The Soros investment is no different than the John Catsimatidis purchase of WABC. These are two older men who grew up listening to radio, and want to use their wealth to preserve it in some way.

Cats is 100% shareholder in his investment. And he wanted a voice in New York City and even appears often on the air on WABC.

Soros heads several investment / venture capital firms. They are not 100% owned by him, and ownership can change. He is not even involved in day to day management.

Same with Jeff Bezos buying the Washington Post.

Not at all similar. He wanted the ego trip of owning a national paper, one of the 3 or 4 most important ones still in the US. A lot of Bezos' recent actions have been ego-driven, right down to the space flights, the opulent yacht and the trophy wife.

The only reason he hasn't used his billions to buy radio is it would personally conflict with Amazon Music Radio.

No, he is smart enough not to buy a radio station. He wanted a nationally recognized voice, but got in much deeper than he planned.

 

[TheBigA]

But the entities that are doing the financing are not wholly owned by Soros and can / may be significantly owned by foreign interests.

Yet it didn't come up with Latino Media Networks.

Truthfully neither you nor Cruz knows where the money is coming from. That's all confidential. The FCC is the only one who has to know.

Unless it's coming from China or North Korea, there will be no issue.

The fact is that ALL of the major radio companies have received waivers on foreign investment. ALL of them. Some have 100% waivers.

 

[davideduardo]

Yet it didn't come up with Latino Media Networks.

Yes it did. There were a variety of protests, but not as forma l as this one.

Truthfully neither you nor Cruz knows where the money is coming from. That's all confidential. The FCC is the only one who has to know.

And that is a problem common to all partnerships, companies an publicly traded entities: ownership can change daily.

The fact is that ALL of the major radio companies have received waivers on foreign investment. ALL of them. Some have 100% waivers.

But this one did not. And many of those changes have been made very recently.

 

[TheBigA]

Yes it did. There were a variety of protests, but not as forma l as this one.

There were protests but not about the foreign investment waiver. That's the claim being made here.

The protests were fears about Radio Mambi, and they were completely unfounded.

If I'm Soros, I'm laughing about this. He can just withdraw, and Audacy is stuck looking for another investor.

What would be even funnier would be if Soros withdrew, and Audacy still needed the foreign investment waiver.

 

[Kelly A]

Most people who understand economics in the UK know that Soros' currency manipulation that seriously harmed the economy and basic family expenses make him vastly worse than a "boogieman".

You and I both know that none of that is of concern to some mental midget like Ted Cruz. Ted likely has heard nothing about the British 'Black Wednesday' from 1992.
Soros is a speculative investor who bet against the British Pound when it was vulnerable. Hedge funds do the same today around the world, including U.S. hedge funds betting against the dollar or any other world currency.
Soros is a thorn in the side of the GOP because he's used his investment wealth and personal funds to back Democratic candidates. Ted is coming up on an election challenge in Texas this November, and you can bet Soros is paying attention to Cruz trying to influence the Audacy bankruptcy proceedings, and will likely kick in extra to the Collin Allred campaign.

 

[secondchoice]

What would be even funnier would be if Soros withdrew, and Audacy still needed the foreign investment waiver.

I heard Putin is looking for somewhere outside of Russia to invest "just in case". I am sure certain members of the GOP would grant him a waiver.

 

[davideduardo]

You and I both know that none of that is of concern to some mental midget like Ted Cruz. Ted likely has heard nothing about the British 'Black Wednesday' from 1992.

Nor do 99.9% of Americans. Sad, because it shows how one person with lots of money can damage a whole economy.

Cruz is a "blivet". A blivit is 13 lbs. of crap in a 10 lb. bag.

Soros is a speculative investor who bet against the British Pound when it was vulnerable. Hedge funds do the same today around the world, including U.S. hedge funds betting against the dollar or any other world currency.

A fact which bothers me as a person living mostly off the income from investments.

Soros is a thorn in the side of the GOP because he's used his investment wealth and personal funds to back Democratic candidates. Ted is coming up on an election challenge in Texas this November, and you can bet Soros is paying attention to Cruz trying to influence the Audacy bankruptcy proceedings, and will likely kick in extra to the Collin Allred campaign.

For some reason, Cruz comes across as a carnival barker, not a political leader. Noisy, fake and not even moderately trustworthy.

 

[davideduardo]

There were protests but not about the foreign investment waiver. That's the claim being made here.

They were about letting the Soros interests control the station. Most of the Cubans who were protesting know nothing about how the FCC works and how much... or little... it controls content.

The protests were fears about Radio Mambi, and they were completely unfounded.

They were totally founded. The new format just announced is made up of people who do not believe in the "causa cubana" and where the content will change from Cuba / Venezuela / Peru and other leftist and socialist Latin nations to Miami politics.

If I'm Soros, I'm laughing about this. He can just withdraw, and Audacy is stuck looking for another investor.

Or they remain a "debtor in possession" until something else is devised.

What would be even funnier would be if Soros withdrew, and Audacy still needed the foreign investment waiver.

I don't see any foreign interests other than people playing the market rather than investing in a business. The real issue with foreign investment comes from the inability to identify owners of the shares of offshore investment funds and accounts.

 

[davideduardo]

I heard Putin is looking for somewhere outside of Russia to invest "just in case". I am sure certain members of the GOP would grant him a waiver.

The GOP is hardly a friend of Russia. As Sun Tzu said, "keep your friends close and your enemies closer", smart politicians understand the need to work as closely as possible with adversaries. Bill Clinton was good at that, and so was Trump. Whatever we think about other qualities of those two, they managed our adversaries well both in diplomacy and the press.

 

[TheBigA]

They were totally founded. The new format just announced is made up of people who do not believe in the "causa cubana" and where the content will change from Cuba / Venezuela / Peru and other leftist and socialist Latin nations to Miami politics.

Wrong station. The station they're changing is WQBA:

Historic Miami Station WQBA 1140 AM To Relaunch Brand.

Storied Miami station WQBA 1140 AM is undergoing a revitalization, with a new lineup and new programming aimed at Miami’s Latino community. It will all take effect on Aug. 12,

www.insideradio.com

Radio Mambi remains unchanged.

 

[davideduardo]

Wrong station. The station they're changing is WQBA:

Historic Miami Station WQBA 1140 AM To Relaunch Brand.

Storied Miami station WQBA 1140 AM is undergoing a revitalization, with a new lineup and new programming aimed at Miami’s Latino community. It will all take effect on Aug. 12,

www.insideradio.com

Radio Mambi remains unchanged.

Mambí was already totally changed when all the well known commentators left.

They simply avoided controversy by taking the ratings-less station and doing what they intended to do with Mambí. What is left of Mambí is a group of commentators who were not the leaders of the WAQI format when it was getting decent and market leading shares. They have removed all interest from WAQI by the Cuban immigrant community, and are now trying to do a more liberal and more local format on the sister station.

Mambí was already castrated by the transmitter move which reduced the signal to the growing South Broward Latin areas. This latest one simply eliminates any loyalty by those who believe in the "causa cubana".

 

[TheBigA]

They have removed all interest from WAQI by the Cuban immigrant community

They didn't remove anyone. All those people quit on their own,

 

[davideduardo]

They didn't remove anyone. All those people quit on their own,

They left because of what was going to be done to the station. This is sort of like telling the morning drive guy that he will have to do overnights instead in order to make him quit.

This was a forced resignation. Nobody who believed in the "causa cubana" could possibly stay.