On Wednesday, Representative Chip Roy (TX-21) called out billionaire George Soros for trying to fast-track his acquisition of the major radio company Audacy through the Federal Communications Commission (FCC).
Representative Roy wrote in a letter, “This transaction, which affects radio stations that reach millions of listeners across the U.S., including in Texas’ 21st congressional district, should — at minimum — be subject to rigorous FCC oversight to ensure U.S. radio stations are not subject to undue influence.”
Audacy owns more than 220 local radio stations in over 40 markets, and is the second-largest American radio group behind iHeart.
Section 310(b)(4) of the Communications Act provides that no radio station license can be held by any corporation that exceeds 25 percent foreign ownership. The Soros groups are asking the Federal Communications Commission (FCC) to approve a change in ownership in Audacy without the normal process required by law.
“But instead of going through the usual petition for declaratory ruling process, which would enable the FCC to review and assess those foreign ownership interests as part of its transaction review, the Soros group has asked the FCC to waive that process and put it off until sometime down the road — indicating that those foreign stakeholders will be given ‘special warrants’ in the meantime.”
Representative Roy said, “The Soros group says that skipping the foreign ownership review at this time will enable the FCC to expedite its approval of the Soros applications and thus allow them to more quickly realize their ownership interests in, and take the reins at, these hundreds of local radio stations across the country.”
Read the full letter here.
