Audacy Filed For Bankruptcy

[TheBigA]

I wonder what the reason is behind the delay?

There was the foreign ownership issue, that was then targeted by several members of congress:

Audacy’s Reorg Hits FCC With One FM Spin-Off And A Plan For More Foreign Ownership.

The Audacy reorganization has been on a legal fast track, rocketing through the approval process with a prepackaged agreement among its lenders and getting the greenlight in just over six

www.insideradio.com

According to the article, that foreign ownership review can take six months or more.

 

[TheBigA]

Another story on the Audacy bankruptcy filing with the FCC:

FCC's Carr Wants To Ensure No 'Soros Shortcut' For Audacy - Radio Ink

FCC Commissioner Brendan Carr is voicing his concern over what GOP lawmakers are calling a "Soros shortcut" in Audacy's restructuring.

radioink.com

This is an example of an FCC Commissioner simply repeating party talking points with no factual basis.

 

[Kelly A]

Another story on the Audacy bankruptcy filing with the FCC:

This is an example of an FCC Commissioner simply repeating party talking points with no factual basis.

Oh yeah. He knows where is bread (budget) is buttered.

 

[Mark Roberts]

Oh yeah. He knows where is bread (budget) is buttered.

After having lived in Oakland for 24+ years, I've become inured to the "evil big business" line of polemics. What they don't dare to get into is that grifting self-interested advocacy groups are not acting with pure motives, either. Everybody's out for something, even when their objectives are dressed up in noble clothes. That's true at all levels of government; the stakes are just higher at the federal level and the advocates and lobbyists are slicker about hiding the true intent of their arguments, compared to state or local levels.

 

[TheBigA]

Oh yeah. He knows where is bread (budget) is buttered.

This isn't about the FCC or its budget. It's about giving the NY Post a quote that promotes their narrative.

The Post claims to have seen a copy of a Soros request for a waiver, but they didn't show it. I doubt Soros applied for any waiver. The applicant for the foreign investment waiver is Audacy. They're the licensed party here. The fact is that none of the commissioners have talked about granting any waiver to Soros. It's all made-up poppycock.

 

[Kelly A]

This isn't about the FCC or its budget. It's about giving the NY Post a quote that promotes their narrative.

If the Commissioner is making public statements that lean politically toward a particular member of Congress, you bet this is about protecting budgets.

The Post claims to have seen a copy of a Soros request for a waiver, but they didn't show it. I doubt Soros applied for any waiver. The applicant for the foreign investment waiver is Audacy. They're the licensed party here. The fact is that none of the commissioners have talked about granting any waiver to Soros. It's all made-up poppycock.

True to form, election time and Soros The Boogeyman and his Jewish Space Lazers will be more in the news, whether anything is true or not. Mostly, not.

 

[davideduardo]

True to form, election time and Soros The Boogeyman and his Jewish Space Lazers will be more in the news, whether anything is true or not. Mostly, not.

That certainly puts exaggeration and hyperbole into perspective.

🤣🤣🤣

 

[BruceB]

This isn't about the FCC or its budget. It's about giving the NY Post a quote that promotes their narrative.

The Post claims to have seen a copy of a Soros request for a waiver, but they didn't show it. I doubt Soros applied for any waiver. The applicant for the foreign investment waiver is Audacy. They're the licensed party here. The fact is that none of the commissioners have talked about granting any waiver to Soros. It's all made-up poppycock.

George Soros is a U.S. citizen so why would he need a foreign ownership waver to buy Audacy?

 

[davideduardo]

George Soros is a U.S. citizen so why would he need a foreign ownership waver to buy Audacy?

The things that Soros "owns" or controls are generally held by separate corporations. And those companies may seek foreign investors to put together a deal.

 

[TheBigA]

George Soros is a U.S. citizen so why would he need a foreign ownership waver to buy Audacy?

He doesn't. That's why I'm doubting this narrative. Also, investment companies don't have standing with the FCC. Audacy does. Audacy is the licensee, and there is no transfer of license taking place here.

This is what was reported about the foreign investment.

The world community is where some of Audacy’s new dollars are coming from. But how much foreign ownership Audacy will have as it starts fresh is not yet entirely clear. The company says current estimates are that as it emerges from bankruptcy it will be over the 25% limit on foreign ownership set by the FCC. Audacy is therefore seeking a waiver to the cap.

Soros is not mentioned in that report. So we don't know exactly who is responsible for the foreign money.

The things that Soros "owns" or controls are generally held by separate corporations. And those companies may seek foreign investors to put together a deal.

The Soros investment in Audacy is being made by a domestic investment company that pays taxes in the US.