George Soros buying radio stations

[johnbasalla]

I received a fundraising letter from Senator John Kennedy from Louisiana saying that, quoting now from the text,... "George Soros just bought 220 stations ... that was crafted by Joe Biden's Federal Communications Commission in the last days of his administration. Broadcast license transfers of this size usually take a year but ...this one happened practically overnight. Mr. Soros was able to purchase these 220 stations for 50 cents on the dollar".

I'm guessing the information in this mailing may not be the whole story, given the nature of political fund-raising letters.

 

[101.9 La Kalle]

I received a fundraising letter from Senator John Kennedy from Louisiana saying that, quoting now from the text,... "George Soros just bought 220 stations ... that was crafted by Joe Biden's Federal Communications Commission in the last days of his administration. Broadcast license transfers of this size usually take a year but ...this one happened practically overnight. Mr. Soros was able to purchase these 220 stations for 50 cents on the dollar".

I'm guessing the information in this mailing may not be the whole story, given the nature of political fund-raising letters.

Said letter is simply speaking about the Soros fund becoming a shareholder in Audacy. Audacy is not a direct asset of Soros.

 

[TheBigA]

One of his investment companies bought $400 million worth of Audacy debt. Neither he nor his company own those stations. They own debt. Just like China owns $700 billion of US debt. It's not illegal. The FCC wants to re-open the case and litigate it. Audacy owns 28 news talk stations. Nothing has changed since this happened. There's really nothing to see.

It didn't happen overnight. The bankruptcy began in February, and was approved in November. That's the standard approval time. All of this is documented.

The fact is that any American citizen can buy any broadcasting station, regardless of his political party. ANY citizen.

My question to you is why is someone who lives in Ohio getting a fundraising letter from a politician in Louisiana? Is he running for president?

 

[ted chittenden]

I received a fundraising letter from Senator John Kennedy from Louisiana saying that, quoting now from the text,... "George Soros just bought 220 stations ... that was crafted by Joe Biden's Federal Communications Commission in the last days of his administration. Broadcast license transfers of this size usually take a year but ...this one happened practically overnight. Mr. Soros was able to purchase these 220 stations for 50 cents on the dollar".

I'm guessing the information in this mailing may not be the whole story, given the nature of political fund-raising letters.

With regard to Senator Kennedy, I think you are referring to this.

Kennedy calls for FCC to review partisan decision to approve Soros-backed takeover of 200 radio stations

Watch Kennedy’s comments here. WASHINGTON – Sen. John Kennedy (R-La.) urged the Federal Communications Commission (FCC) to review its decision to allow a company backed in part by foreign money and billionaire Democratic donor George Soros to obtain licenses for more than 200 American radio...

www.kennedy.senate.gov

And, here is what, I think, the "good" senator is referring to:

Charting the Soros Audacy Acquisition

The Washington Examiner’s Gabe Kaminsky recently reported on the Federal Communications Commission’s controversial approval of an application concerning Audacy’s radio broadcast licenses. With over 200 radio stations under its umbrella, Audacy is the second-largest broadcaster in the United...

capitalresearch.org

(and if anybody has the link to the Radio Insight article on this matter, please post it--I couldn't find it using startsearch.com. Thank you.)

 

[PTBoardOp93]

The letter references Audacy.

Audacy filed bankruptcy on January 7, 2024. Audacy emerged from bankruptcy on September 30, 2024.

For comparison, Townsquare went bankrupt March 1, 2010 and emerged on April 27, 2010, and Cumulus filed bankruptcy on November 29, 2017 and emerged June 4, 2018. So the Audacy bankruptcy was not unusually quick for a large radio broadcaster.

Broadcast license transfer approvals do not take a year. Usually more like 3 months. Complicated ones can take longer, especially if there are required divestment or waivers of FCC rules. But there was nothing particularly complicated about Audacy's bankruptcy, because neither Mr. Soros nor other investors in New Audacy had attributable broadcast holdings.

 

[michael hagerty]

I received a fundraising letter from Senator John Kennedy from Louisiana saying that, quoting now from the text,... "George Soros just bought 220 stations ... that was crafted by Joe Biden's Federal Communications Commission in the last days of his administration. Broadcast license transfers of this size usually take a year but ...this one happened practically overnight. Mr. Soros was able to purchase these 220 stations for 50 cents on the dollar".

I'm guessing the information in this mailing may not be the whole story, given the nature of political fund-raising letters.

They're still fundraising off this?

First, as @TheBigA notes, it's Soros Fund Management, founded in 1970 by George Soros. He's the chairman. And they bought $400 million in debt in Audacy, not 220 radio stations.

As to Senator Kennedy's use of the phrase "just bought"---it happened in February of 2024.

George Soros is the right's favorite boogeyman, but what he is is a Jewish philanthropist in his 90s who donates to heavily liberal and Democratic causes.

That also describes Herb Alpert, and nobody's pissed at him.

 

[CTListener]

Not trying to get political here, but Soros is a guy that hardcore right-wingers have tried to turn into some creepy evil guy, because they're butthurt about a billionaire that donates to liberal causes. Thing is, they don't really have any evidence of him being a bad man, only that Soros is a bad man, just 'because'.

The only even semi-legitimate criticisms of him that I've seen concern his actions as a young European Jew during the Nazi era. He was no angel, but survival was paramount in those dark days. I'm sure he lives with the memories.

 

[Fighting Irish]

They're still fundraising off this?

First, as @TheBigA notes, it's Soros Fund Management, founded in 1970 by George Soros. He's the chairman. And they bought $400 million in debt in Audacy, not 220 radio stations.

As to Senator Kennedy's use of the phrase "just bought"---it happened in February of 2024.

George Soros is the right's favorite boogeyman, but what he is is a Jewish philanthropist in his 90s who donates to heavily liberal and Democratic causes.

That also describes Herb Alpert, and nobody's pissed at him.

View attachment 9836

Seriously, how can one attack a man that can throw down amazing jams like this?

 

[Fighting Irish]

The only even semi-legitimate criticisms of him that I've seen concern his actions as a young European Jew during the Nazi era. He was no angel, but survival was paramount in those dark days. I'm sure he lives with the memories.

He was a child whose family was trying to survive the Nazi siege of Hungary. And he didn't do anything wrong. He's been very open about it.

 

[michael hagerty]

Seriously, how can one attack a man that can throw down amazing jams like this?

Herb and his wife Lani Hall (former lead singer with Sergio Mendes and Brasil '66) are on tour this summer.

Herb Alpert – Tour

herbalpert.com

 

[Y2kTheNewOldies]

https://radiodiscussions.com/threads/the-fcc-to-investigate-audacy-owned-kcbs-am-kfrc-fm-over-ice-coverage.775112/

We had an entire explanation on how certain politicians labeled Audacy All-News Stations like KCBS/KFRC-FM as being “Owned By George Soros”. Yes it was about FCC Chairman Carr “Investigating KCBS/KFRC-FM’s” Coverage about ICE. We had to note that George Soros is not the CEO of Audacy. We had to note who is the real CEO of Audacy when that happened and it was surrounding how Chairman Carrs investigating KCBS/KFRC-FM license extends to Audacy’s sister stations like KNX, WINS, KYW-AM/KYW-FM and WBBM Radio.

Audacy CEO David Field Steps Down

David Field has stepped down as Audacy's president and CEO and as a member of the board, after 27 years leading the company.

variety.com

Audacy shakes up C-suite; Kelli Turner named permanent CEO

Audacy on Monday named Kelli Turner to the role of chief executive on a permanent basis, part of a broader shake-up of the company's C-suite

thedesk.net

 

[TheBigA]

There was an issue brought up with this bankruptcy because there was no foreign ownership waiver. Some politicians called it a "Soros shortcut." The fact is that there was no foreign ownership waiver because it was determined that foreign ownership was under the legal limit of 25%. But there was an article by Brent Bozell who came up with the phrase "Soros shortcut." If you read his article, it's filled with errors. There was no shortcut, and all the predictions made by the "Chicken Littles" who said the sky was falling haven't happened. Audacy is operating with no interference from any investors. SMF doesn't even have any voting positions on the board.

The one difference between this approval and the others is that Sen. Cruz demanded that the approval be given by the full commissioners rather the media bureau.

 

[radiofan2023]

 

[b-turner]

I am no fan of Soros but he has been the recipient of lots of negativity not unlike how the way Christians are seen by many posters here. However, George Soros is a businessman and he could care less about the programming and such. It is profit and return on investment that he is concerned with. It has nothing to do with politics.

What many don't seem to understand is more often than not, political leanings fly right out the window when it's he difference between red and black ink.

 

[michael hagerty]

There was an issue brought up with this bankruptcy because there was no foreign ownership waiver.

Soros Fund Management is an American company, founded 55 years ago in New York City. Its CEO, Dawn Fitzpatrick is a second-generation Irish American.

 

[TheBigA]

Regarding the finances on this: The one big difference between this bankruptcy and the others is that the company has not issued stock. This investment made it possible for the company to go private. Had it become public, the stock would have been open to the whims of the market, and would likely have dropped in value during the past year. That hasn't happened. In my view, that is the way to run a radio company in today's environment.

 

[TheBigA]

Soros Fund Management is an American company, founded 55 years ago in New York City. Its CEO, Dawn Fitzpatrick is a second-generation Irish American.

It's been brought up that some of his holdings might be in foreign funds. That was all itemized in the bankruptcy process. That information was available to the FCC. SMF is also a major investor in another radio group, so they are familiar with the locations of his investments. And even then, the amount of foreign investment was still under 25%. Notice that Kennedy didn't bring it up, as Bozell did in his article, because it's not true.

 

[Y2kTheNewOldies]

True also whatever the Soros team does at their operations is no different from what Warren Buffets team do at Berkshire Hathaway.

This stuff about Soros running Audacy was discredited multiple times during the time Chairman Carr decided to investigate the license of KCBS/KFRC-FM San Francisco and when Audacy changed their CEO.

Also how is this any different from Berkshire Hathaway running their investment fund operations like their investment team owning WPLG-TV Miami. But in this case these elected officials with Senator Kennedy of Louisiana want Audacy shut down in the same way they want CPB to shut down. Umm but the top 10 radio stations in San Francisco includes Audacy owned KCBS/KFRC-FM and NPR Affiliate KQED how is that going to benefit broadcasting if those are shut down. Who does Senator Kennedy have in mind here on content he wants approved for radio.

 

[davideduardo]

Not trying to get political here, but Soros is a guy that hardcore right-wingers have tried to turn into some creepy evil guy, because they're butthurt about a billionaire that donates to liberal causes. Thing is, they don't really have any evidence of him being a bad man, only that Soros is a bad man, just 'because'.

No, wrong. Those of us who are skeptical of anything Soros does only have to refer to the "breaking of the Pound" in England, which cause horrible suffering and financial stress to much of the "working class" there.... just to make some money.

"George Soros is one of the most successful and influential investors in history. He is also known for his philanthropic and political activities, as well as his controversial views on various issues. But perhaps his most famous achievement was his role in the 1992 currency crisis that forced the British government to withdraw from the European exchange rate mechanism (ERM) and devalue its currency, the pound sterling."

George Soros and Black Wednesday: How He Broke the Bank of England

Discover how George Soros profited $1 billion by shorting the British pound on Black Wednesday, leading to its devaluation and the UK's exit from the ERM.

www.investopedia.com

Further:

The withdrawal from the ERM was a humiliating defeat for Britain’s government and a major blow to its credibility and reputation. It also caused economic turmoil and social unrest in Britain, as interest rates remained high, inflation rose, unemployment increased, and public spending was cut.

 

[TheBigA]

Those of us who are skeptical of anything Soros does only have to refer to the "breaking of the Pound" in England, which cause horrible suffering and financial stress to much of the "working class" there.... just to make some money.

Still, none of that precludes him or his company from investing in radio stations. In this case, it's mainly being run by his son, who was a 7 year old kid when that happened. Brendan Carr was 12.