https://www.axios.com/local/chicago/2024/02/21/george-soros-audacy-radio-stations-bankruptcy-deal
Billionaire George Soros' investment firm is poised to take control of Audacy, which owns several radio stations in Chicago.
The big picture: The 93-year-old progressive philanthropist is set to become the latest owner in Chicago media to have political leanings, stepping in after the publicly traded radio and podcast company filed for bankruptcy in January.
What's happening: Soros' investment firm has acquired about $400 million of Audacy's debt, with plans to swap loans for stocks, court filings revealed this week.
The plan, which a bankruptcy court approved on Tuesday, would make Soros' firm the largest shareholder of Audacy once the company emerges from bankruptcy, the Philadelphia Inquirer reports.
What they're saying: "The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business," an Audacy spokesperson tells Axios.
Context: Locally, Audacy owns and operates WXRT-FM, WUSN-FM, WBBM-FM, WBBM-AM, WBMX-FM and WSCR-AM.
Zoom out: Several owners of Chicago radio stations have contributed to political causes, and some broadcast partisan content.
Cumulus Media, Salem Media Group and Nexstar Media all have conservative ties.
Meanwhile, WCPT-AM is owned by left-leaning philanthropist Fred Eychaner.
Having lost our best local Alternative station to corporate bungling, it’s refreshing to see someone step in to save some stations. Corporations own huge blocs of our radio, as they do our newspapers, and are rapidly driving them into extinction.
‘Corporation: An entity established to create individual profit without individual responsibility.’ - A. Bierce
-greenman
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