George Soros, the billionaire philanthropist and prominent Democratic donor, has expanded his media influence with the acquisition of hundreds of US radio stations. The Federal Communications Commission (FCC) recently approved the purchase of 200 Audacy radio stations across 40 US markets, just weeks before the 2024 election.
This move grants Soros’ organization access to a vast audience, with the potential to reach over 165 million Americans. The acquisition has raised concerns, particularly given the proximity to the upcoming election.
Under the Federal Communications Act, radio station licenses cannot be held by corporations with more than 25% foreign ownership. However, Soros’ organization has acknowledged that it will exceed this threshold. Despite this, the FCC has expedited the approval process, bypassing the standard foreign ownership review.
FCC Commissioner Brendan Carr has expressed concerns about the commission’s decision, stating that it deviates from standard procedure. “The FCC is not following its normal process for reviewing transactions,” Carr said. “It seems to me the FCC is poised, for the first time, to create an entirely new shortcut.”
House Oversight Committee Chairman James Comer and Rep. Nick Langworthy have written to FCC Chair Jessica Rosenworcel, requesting documents and communications related to the acquisition. They have warned that the purchase could result in foreign individuals or entities controlling more than 25% of the capital stock, potentially influencing the content broadcast on the stations.
Comer and Langworthy have also raised concerns about Soros’ track record on free speech, citing his advocacy for online censorship of conservatives. They argue that the acquisition is part of a broader effort to shape the national conversation and influence American politics.
The congressmen have given the FCC a deadline of October 3 to submit records related to the acquisition. This is not the first time Soros has invested in media outlets ahead of an election. Last year, he purchased a media company in Poland, which was followed by a change in government.
