Chip Roy voices concern over George Soros’ purchase of major radio company, potential impact on Texas

Foreign dollars and George Soros’ fingerprints left Texas Rep. Chip Roy (R) pointing out red flags over the acquisition of a major radio broadcast station owner.

“…the Soros group’s interest in expediency does not obviate the FCC’s obligation to follow the law and protect the American people.”

As Audacy, the owners of over 220 local radio stations in more than 40 markets across that county completed a Chapter 11 bankruptcy reorganization, Soros Fund Management, the firm founded by the eponymous dark money financier, swept in with the acquisition of more than $400 million of their debt.

Now it appeared that the Open Society Foundation’s controlled firm was seeking to fast-track the completion of their deal to control the country’s second-largest broadcast radio station owner, raising nothing but alarm bells with the Texas congressman over potential “special warrants” for foreign stakeholders.

Tuesday, Roy penned a letter to Federal Communications Commission chairwoman Jessica Rosenworcel regarding a requested exemption of the rule prohibiting a radio station license be held by a corporation with more than 25% foreign ownership.

“I write today regarding Soros Fund Management’s acquisition of over $400 million in debt held by Audacy–the second-largest broadcast radio station owner in the country,” said Roy in his letter first reported by Fox News. “Of particular concern, the Soros groups are asking the Federal Communications Commission to approve a change in ownership in Audacy without the FCC running its normal statutorily required process.”

“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,” he continued of Audacy’s network that covered entertainment, news and talk radio.

“The FCC has an obligation to complete a full and thorough review of any radio station purchase of this size and magnitude,” he reminded while voicing concern over the stations being subjected to “undue influence.”

“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,” detailed Roy, “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.”

The congressman sought a response from the FCC by May 7 and reminded, “It is imperative that the FCC run a fair and transparent process–one that abides by the requirements of the law–that thoroughly reviews the concerns posed by foreign ownership of American radio stations.”

Having indicated that “the Soros group’s interest in expediency” was not of more importance than following the law, Roy told Fox News Digital, “I wanted to pose those questions to…understand what’s happening with the FCC on this, and raise the awareness publicly of the extent to which Soros’ people may be using — either the rules to their advantage, or frankly, the rules are getting abused to fast-track getting in there and grab that debt as a backdoor way to try to acquire a significant amount of ownership over local radio.”

Kevin Haggerty


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