House GOP To Probe Quick Approval Of Soros Radio Station Purchases
The Federal Communications Commission (FCC) has fast-tracked its decision to approve a deal that would allow Democrat megadonor George Soros to acquire a significant stake in over 200 radio stations.
According to Fox News, this move has sparked an investigation by the House Oversight Committee, which is concerned about potential “politicization” and the possible influence it may have on the 2024 presidential election.
The FCC’s approval of Soros’ acquisition of more than 200 Audacy radio stations has received criticism from a Republican commissioner and several GOP members of Congress, who view the decision as a clearly partisan move.
The New York Post reported that the FCC “adopted an order to approve Soros’ purchase of more than 200 radio stations in 40 markets just weeks before the presidential election,” allowing him to potentially reach up to 165 million Americans.
House Oversight Committee Chairman James Comer (R-Ky.) and Rep. Nick Langworthy (R-N.Y.) have raised concerns, accusing the FCC of speeding up its review process by skipping standard procedures for broadcast licenses.
In response to this, Comer and Langworthy have sent a letter to FCC Chair Jessica Rosenworcel, demanding documents and communications that explain the reasoning behind the expedited approval.
Audacy Inc., which owns more than 200 radio stations, is undergoing a Chapter 11 reorganization. Soros seeks to acquire $415 million in debt through this process, Fox reported.
Comer and Langworthy also warned that Soros is a backer of organizations “advocating for speech restriction and censorship of conservatives online.” They continued, “He will eventually become a ‘major’ shareholder once the bankruptcy deal is completed.”
The Republican lawmakers also expressed concerns that Soros has “worked to consolidate control over the airwaves.”
“Soros Fund Management has invested in podcast platforms and purchased radio stations in key media markets, which could impact the content Americans hear and shape political discourse in the country,” they wrote. “Audio now accounts for 31 percent of all media consumption in the U.S., surpassing television consumption at 24 percent.”
The two lawmakers cautioned that the Audacy deal could result in the company being “directly or indirectly controlled” by “foreign individuals or entities owning more than one-fourth of the capital stock.” Such a deal would require FCC approval to determine whether “the public interest would be served by rejecting or revoking the license.”
They emphasized that the FCC has long-standing processes and procedures for evaluating broadcast licenses in these scenarios, citing updates made to these rules in 2016.
During a recent committee hearing, FCC Commissioner Brendan Carr discussed the agency’s regulations on foreign ownership of radio stations, highlighting that in this case, the FCC departed from its usual review process.
Carr noted that “the full commission itself has never signed off on a shortcut like this. Normally, we require a petition to be filed, and national security agencies are brought in to assess the foreign ownership… In this case, they’re attempting something unprecedented at the commission level,” Carr said, adding that the national security review typically takes “3 to 6 months.” He remarked that “it seems we’ve put the cart before the horse this time.”
Comer and Langworthy said that “despite the unusual nature of this situation, the FCC majority appears to have approved licenses on an accelerated timeline for a company in which George Soros holds a major ownership stake, with stations in 40 media markets reaching ‘over 165 million Americans.’”
They further alleged that “the FCC majority seems not only to be expediting the process but bypassing established procedures to benefit George Soros, thereby facilitating his influence over hundreds of radio stations ahead of the November election.”