America First Legal (AFL) has initiated an investigation into the Federal Communications Commission’s (FCC) apparent expedited approval of Soros Fund Management LLC’s acquisition of a significant stake in Audacy, Inc., a major U.S. radio network.
Audacy operates over 200 stations across 40 markets, reaching more than 165 million Americans and hosting popular conservative talk shows such as those by Sean Hannity, Glenn Beck, and Dan Bongino. In February 2024, Soros Fund Management purchased $400 million of Audacy’s debt and subsequently sought FCC approval for a change in ownership.
Federal law generally prohibits granting licenses to or allowing foreign nationals or corporations to hold such licenses. When foreign ownership exceeds 25%, the FCC must assess whether “the public interest will be served by the refusal or revocation of such license,” according to 47 U.S.C. § 310(b)(4).
The proposed transaction involves circumstances exceeding this 25% threshold. The FCC typically reviews whether such transactions serve the public interest, considering factors like national security, law enforcement, foreign policy, or trade policy issues. Commissioner Brendan Carr emphasized that the FCC should follow its full review process without fast-tracking this acquisition given its significant foreign ownership.
Congress has expressed concerns about this transaction. On April 25, 2024, Congressman Chip Roy raised alarms regarding Soros’ petition to bypass the security review for Audacy's purchase. On August 9, 2024, Senator Ted Cruz urged FCC Commissioners Carr and Simington to ensure that "the transaction be reviewed by the full Commission," including any waiver orders related to foreign ownership rules.
Chairman James Comer of the House Committee on Oversight and Representative Nick Langworthy have also launched a probe into potential politicization within the FCC following its expedited review of this deal.
To uncover details surrounding this transaction and any special treatment it may have received, AFL has requested all records related to the FCC’s decision to delay the national security review of Audacy and information on whether other national security reviews have been similarly postponed in the past.
AFL contends that delaying this formal review process could impact millions of American listeners just weeks before the U.S. presidential election. The organization pledges to continue seeking transparency from government entities for the protection of American citizens.