George Soros unprecedented purchase of Audacy radio stations before election investigated by lawmakers: New shortcut
(The Center Square) – The U.S.House Oversight Committee is investigating why the Federal Communications Commission fast-tracked a deal that allowed a billionaire Democratic donor to buy a wide swath of American radio stations just weeks before the presidential election.The major radio company Audacy Inc.
fell into financial straits, but through a complex business deal, Democratic mega-donor and billionaire George Soros has gained control of the stations.Deals of this size require FCC approval, but in this case the FCC expedited the approval process.FCC Commissioner Brendan Carr raised concerns about the deal at a Congressional hearing, telling lawmakers that “… the FCC is not following its normal process for reviewing a transaction.”“We have established over a number of years one way in which you can get approval from the FCC when you have an excess of 25 percent foreign ownership, which this transaction does,” Carr said.
““It seems to me that the FCC is poised to create, for the first time, an entirely new shortcut.”House Oversight Chair Rep.James Comer, R-Ky.
and Rep.Nick Langworthy, R-N.Y., sent a letter to FCC Chair Jessica Rosenworcel Friday raising concerns about the deal.“Despite the unprecedented nature of this action, the FCC majority has apparently decided to approve licenses on an accelerated timeframe for a company in which George Soros has a major ownership stake, and with stations in 40 media markets reaching ‘more than 165 million Americans,’” the letter said.
“By all appearances, the FCC majority isn’t just expediting, but is bypassing an established process to do a favor for George Soros and facilitate his influence over hundreds of radio stations before the November election.”Critics of the deal say it gives too much power to a heavily political, and liberal, billionaire just before the election.Stay up on the very latest with Evening Update.
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