Audacy is asking the FCC to summarily reject a conservative group’s petition that seeks to block a change of ownership related to its Chapter 11 financial reorganization that would let liberal billionaire investor George Soros acquire a stake in the company. It calls Brent Bozell’s Media Research Center maneuver an “ill-informed attempt to impede Audacy’s reorganization.”
Bozell last month filed a petition with the FCC pointing to what he has dubbed a “Soros shortcut” in the way the foreign ownership portion of the deal is structured. Audacy has set up the transaction in a way that will allow the restructuring to be completed and maintain short-term compliance with the foreign ownership limits until it secures approval from the FCC to have indirect foreign ownership of more than 25%.
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