The Federal Communications Commission (FCC) has expedited its decision to approve a deal allowing Democrat megadonor George Soros to acquire a major stake in over 200 radio stations
Fox News reported that the move has prompted an investigation by the House Oversight Committee, which is concerned about potential “politicization” and its impact on the 2024 presidential election.
The FCC’s approval of Soros’ acquisition of more than 200 Audacy radio stations has drawn criticism from a Republican commissioner who has expressed objections to the decision, as well as other GOP members of Congress who see the move as blatantly partisan.
The FCC last week “adopted an order to approve Soros’ purchase of more than 200 radio stations in 40 markets just weeks before the presidential election,” which would allow him to reach up to 165 million Americans.
House Oversight Committee Chairman James Comer (R-Ky.) and Rep. Nick Langworthy (R-N.Y.) have accused the FCC of expediting its review of broadcast licenses by bypassing standard procedures.
In response, Comer and Langworthy have sent a letter to FCC Chair Jessica Rosenworcel, requesting documents and communications to clarify the rationale behind the FCC’s expedited decision.
Audacy Inc. owns over 200 radio stations. Soros is seeking to acquire $415 million in debt in a Chapter 11 reorganization of the company, Fox reported.
Comer and Langworthy warned that Soros is a financier of organizations “advocating for speech restriction and censorship of conservatives online.” They added: “He will ultimately become a ‘major’ shareholder when the bankruptcy deal concludes.”
The two Republican lawmakers also warned that Soros has “sought to consolidate control over the airwaves.”
“For example, Soros Fund Management is investing in podcast platforms and purchasing radio stations in major media markets, which has ramifications for what Americans hear and influences political dialogue in this country,” they wrote. “Indeed, 31 percent of all media consumption in the United States consists of audio, even more than television consumption at 24 percent.”
Comer and Langworthy said that the Audacy deal would lead to the company being “directly or indirectly controlled” by “foreign individuals or entities holding more than one-fourth of the capital stock.” The deal would require FCC approval to determine whether “the public interest will be served by the refusal or revocation of such license.”
“In carrying out this statutory mandate under the Communications Act, FCC has years-long established processes and procedures for adjudicating broadcast licenses in such situations, most recently updated in 2016,” they wrote.
The lawmakers pointed out that during a committee hearing, FCC Commissioner Brendan Carr highlighted the agency’s rules regarding foreign ownership of radio stations. Carr noted that in this instance, the FCC deviated from its standard process for reviewing such transactions.
“Commissioner Carr further noted that ‘the full commission itself has never signed off on a shortcut like this. What we usually do is we require people to file a petition with us. We bring in national security agencies, they can review the foreign ownership… Here, they’re trying to do something that’s never been done before at the commission level,’” they wrote, adding that Carr “noted that the national security review could take ‘3 to 4 to 5 to 6 months’ saying further that ‘[i]t looks like we got the cart before the horse this time.’”
Comer and Langworthy said that “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.’”
“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,” they wrote.