This week, the internet and blogosphere went into overdrive when news revealed that Soros Management Fund acquired over $400 million of Audacy debt. The Soros Fund, of course, is controlled by left-wing billionaire financier George Soros, who has funded ultra-liberal causes and candidates for decades.
The New York Post reported that “Soros’ stake is equal to about 40% of the company’s senior debt. Although not a majority, (it) could yield effective control of the media giant when it emerges from bankruptcy.”
If the news read that George Soros was spending $400 million on advertising for Democrat candidates and liberal causes to affect the 2024 elections, conservatives would rightfully be concerned. So, it isn’t surprising that conservatives are apprehensive about Soros’s investment in Audacy.
Speculation in conservative circles ran wild that Soros buying Audacy’s debt at bargain prices is an attempt to influence and control talk radio and sway the 2024 election. It’s an understandable conclusion. Investors aren’t flocking to bankrupt radio companies. It’s a curious investment that was certain to draw suspicion.
How could George Soros use his investment in Audacy to impact the November elections?
If Soros had invested in a network such as CNN, it would be easy to draw a straight line from the investment to see how he might influence the election. Understanding the investment in approximately 220 local radio stations in a variety of formats isn’t as straightforward.
Audacy has a handful of talk stations, including WPHT-Philadelphia, KMOX-St. Louis, WCCO-Minneapolis. I’ve been wrong before, but I don’t buy that Soros is going to order a sudden purge of conservative programming on Audacy stations.
On the other hand, Audacy has many more all-news stations: WINS and WCBS-New York, KNX-Los Angeles, WBBM-Chicago, KCBS-San Francisco, etc. These stations aren’t exactly Fox News affiliates or super-friendly to the MAGA movement.
Audacy has some music stations that target younger listeners. As far as these stations get involved in politics, they likely already lean liberal.
Perhaps a few country stations may have more conservative leanings. As political as they get, maybe they could be affected, but it’s hard to imagine that it would have much impact.
It’s a long way from managing billion-dollar funds to programming local radio stations. It’s hard to imagine Soros getting involved in the day-to-day issues of radio stations. Audacy has enough problems now without trying to program its radio stations based on the political beliefs of one debtholder.
What impact could George Soros have through his investment in Audacy? Instead of changing the programming, adding messages is a potential way to use Audacy’s radio stations to promote liberal candidates and messages. Although the CBS Radio group stations are part of Audacy, the company doesn’t have a network per se, making delivering a message across the group less efficient.
Programmers, air talent, and some listeners may be familiar with “corporate dictates.” Mandates for stations to run promos or spots for national contests, company-wide initiatives, events, and public service announcements are common. It’s not as far-fetched to think Soros could orchestrate a message to be delivered on stations company-wide rather than dictating programming.
What’s unknown is Soros’s relationship with the company beyond his financial investment and, therefore, the mechanism for injecting his views on stations.
Those messages might have a disclaimer, such as the type stations frequently add to controversial messages: “The views expressed in the following program/advertisement do not necessarily reflect those of this station or its management.”
Would stations add more out-of-content time to the hour to accommodate an additional political message? It’s a safe bet no station would turn down a dollar to remove another commercial.
Some stations might require air talent to read or insert these messages into newscasts. Sinclair Broadcast Group reportedly had a mandate requiring dozens of news anchors to repeat a script with a political message a few years ago.
Conservative activist groups will be scrutinizing Audacy’s every move. Messages could trigger calls for equal time, FCC complaints – and possible investigations, set off demands for lowest unit rates, and other issues.
Imagining the worst-case scenario, such as purging conservative talk hosts and adding political messages where they don’t belong, would take away what has been a powerful conservative stronghold. In the process, it would destroy what’s left of the already demolished Audacy. Soros almost certainly wouldn’t care, and the individual stations could be sold off at any time anyway. In that context, it’s worth the shot for George Soros.
Learning that Geroge Soros is investing over $400 million in Audacy’s bankruptcy is curious. Nobody else is making that kind of investment in radio companies these days. Soros’s investment in a bankrupt radio company makes conservatives suspicious that it’s less an investment in radio and more in the 2024 election.
It’s hard to imagine the billionaire financier getting involved in the programming of over 220 different local radio stations. Without a network, it’s not the most efficient method, but perhaps the most likely way that he could use Audacy’s 220 stations to influence the polls this November.
Andy Bloom is president of Andy Bloom Communications. He specializes in media training and political communications. He has programmed legendary stations including WIP, WPHT and WYSP/Philadelphia, KLSX, Los Angeles and WCCO Minneapolis. He was Vice President Programming for Emmis International, Greater Media Inc. and Coleman Research. Andy also served as communications director for Rep. Michael R. Turner, R-Ohio. He can be reached by email at andy@andybloom.com or you can follow him on Twitter @AndyBloomCom.
