A management fund led by George Soros is set to become the leading shareholder of Audacy when the radio giant exits its Chapter 11 bankruptcy restructuring.
According to a report from Bloomberg, Soros Fund Management has acquired roughly $400 million of Audacy’s debt. The company will convert the debt into Audacy stock once it emerges from its pre-packaged bankruptcy proceedings.
The radio company would be one of a number of media investments made by the fund. In 2022, the George Soros-led fund helped lead the purchase of 18 television stations for Latino Media Network from Univision.
The fund also had ownership in Vice Media among hundreds of other companies.
Despite the plan for Soros Fund Management to become the largest shareholder of Audacy, some creditors are ready to file objections to the company’s plan to exit its bankruptcy. Some of the company’s landlords of its office spaces are looking for their debts to be paid, rather than convert the debt to stock, according to a report from RadioInsight.
