Conservative Media Watchdog Opposes Audacy Bankruptcy Reorganization

petition filed Monday. MRC's website describes it as leading "the conservative movement in combatting the left’s efforts to manipulate the electoral process, silence opposing voices online, and undermine American values." The petition highlights the involvement of billionaire George Soros's involvement in Audacy. The Soros-associated Fund for Policy Reform would have an attributable ownership interest in Audacy after the bankruptcy. In addition, MCR said Soros Fund Management took steps to become Audacy’s largest shareholder. Widely seen as funding progressive causes and politicians, Soros is a frequent target of right-wing ire. “The Communications Act does not contain a special Soros shortcut,” said MRC’s petition. “And the FCC should not countenance this request for one.” Audacy’s application says the reorganized company will exceed the FCC’s 25 percent foreign ownership limit. It seeks a waiver allowing it to either use a “special warrant” stock issuance process to avoid exceeding the threshold or petition for a declaratory ruling permitting foreign ownership over the limit after it emerges from bankruptcy. “The Soros filings fail to demonstrate that in this case any interest in the reasonably efficient emergence from bankruptcy cannot be accommodated while also assessing the foreign ownership interests at the same time,” MCR said. Though MCR says the waiver of foreign ownership requirements would be “special treatment,” the FCC has granted similar waivers to other large broadcasters emerging from bankruptcy, such as Alpha Media (see 2309280073) and iHeartRadio (see 2103290057). Broadcast attorneys told us they aren’t aware of a request from any broadcaster to be foreign-owned over 25% that the FCC has denied since the process was streamlined in 2016. But, said MCR, “The Soros group’s interest in expediency does not give the FCC a basis for ignoring the legally required process." Audacy and the Fund for Policy Reform didn’t comment.