Republican lawmakers are intensifying their probe into billionaire George Soros’ acquisition of hundreds of U.S. radio stations, a move they argue could have significant implications for media ownership and national security. Known for his extensive donations to Democratic and liberal causes, Soros became a focal point of concern after his involvement in the purchase of these stations was revealed, just ahead of the upcoming presidential election.
The controversy stems from the bankruptcy of Audacy Inc., the second-largest radio company in the United States. Audacy filed for bankruptcy earlier this year, allowing a Soros-backed fund to acquire a significant portion of the company’s debt. The deal ultimately led to the fund gaining control of over 200 radio stations. However, what has sparked outrage among Republicans is the Federal Communications Commission’s (FCC) decision to fast-track the purchase, waiving rules that typically limit foreign ownership of media outlets.
House Energy and Commerce Committee Chair Cathy McMorris Rodgers expressed her concerns in a public statement on Monday. Rodgers criticized the FCC’s decision to grant the waiver, allowing “25% of the company to be indirectly foreign-owned.” Normally, such a move would necessitate a thorough FCC review, as it triggers regulations under Section 310(b) of the Communications Act of 1934. However, the FCC approved the deal on September 30, bypassing the usual review procedures.
In a letter addressed to FCC Chairwoman Jessica Rosenworcel, Republican members of Congress demanded answers regarding the FCC’s approval process. They requested a briefing and additional information by October 18 to clarify why the commission deviated from its standard protocol. Lawmakers are particularly interested in understanding the circumstances under which the FCC has previously waived the foreign ownership rule and the criteria used to determine if such waivers are in the public interest
The letter outlined several key points, questioning how the FCC assesses foreign ownership of media companies and the extent of its investigation into holding companies and institutional stockholders. It also asked for details on why the FCC voted on the Audacy application at the commission level, rather than delegating the action to bureau staff, as well as how many days FCC and executive branch staff typically spend on such investigations.
Lawmakers stressed the importance of transparency in the FCC’s decision-making process, especially when it comes to media ownership rules designed to protect U.S. interests. “Licensees and investors need certainty that the FCC will follow its rules and procedures when approving transactions so that the broadcast industry can have the resources it needs to continue serving the public,” Rodgers stated. The letter further highlighted the need for a consistent application of FCC regulations. It requested a list of all license transfers that the FCC has denied in bankruptcy cases, suggesting that Soros’ purchase might have received preferential treatment due to his political influence and financial backing.
Critics of Soros argue that his involvement in acquiring these radio stations raises red flags, particularly given the timing of the transaction—right before the presidential election. They claim that this acquisition could provide the liberal mega-donor with significant control over the dissemination of information, which might impact election narratives and outcomes. Republicans are framing the issue as a question not just of media ownership but of potential national security concerns as well, given the foreign ownership percentage in question.
If the investigation reveals that standard procedures were not followed, Republican lawmakers may seek further actions, including hearings or potential legal challenges, to ensure compliance with media ownership rules designed to protect U.S. sovereignty and interests.
