Billionaire activist investor George Soros proved this week that he doesn’t care strictly about money, as it was revealed his investment firm will become the largest shareholder of Audacy, the nation’s second-largest chain of radio stations.
Audacy, which operates over 230 “broadcast brands” (AKA radio stations), has been reduced to a shallow husk of its former self due to poor management decisions and an inability to adapt to the modern streaming landscape. The company’s stock, currently trading at 0.15/share, is down 99.98% from its ATH 24 years ago. The stock is also down 98.18% in the last year, and the company had a net income of $-234.33 million in Sept. of 2023.
A look at their annual earnings over the last five years paints a pretty gruesome picture:
Notably, Audacy is the owner of the sports radio station WEEI, which is syndicated in Maine via 95.9 FM out of Saco, and 95.5 FM out of Topsham. WEEI, a historical juggernaut of sports talk, has had a cataclysmic decline in ratings in recent years, losing significant market share to its chief competitor 98.5 the Sports Hub in Boston.
In the summer of 2017, WEEI finished number 1 overall in men 25-54, with an 8.8 share, to the Sport’s Hub 8.5. Fast forward to the fall of 2023, and the Sports Hub was ranked first, with WEEI falling to seventh place overall. The Holiday ratings book (Dec 7 to Jan 3) was even more brutal, with 98.5 getting a 9.2 ratings share compared with a 2.8 for WEEI.
Audacy filed for bankruptcy protection on January 7, 2024, a move that CEO David Field said would help the company rebound better than ever:
“With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well-positioned to continue its innovation and growth in the dynamic audio business”
What “innovation” Audacy plans to continue is unclear.
In a press release, the company indicated its bankruptcy filing was intended to restructure its nearly $2 Billion in debt.
“Audacy and its debtholders will undertake a deleveraging transaction to equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million. The Company does not expect any operational impact from the restructuring, and trade and other unsecured creditors will not be impaired.”
Bankruptcy documents have revealed that Soros Fund Management bought up over $400 in secured debt from Audacy, which can be converted into equity once the company emerges from bankruptcy. The amount would make Soros the largest shareholder in the company, effectively giving him controlling interest in a vast network of radio stations during an election year.
The purchase of Audacy falls in line with a clear record of other media companies who have ties to Soros. An excellent article by the Media Research Center details his vast influence enterprise, but in short, there are over 180 different media-related organizations who receive money from the billionaire.
At the Maine Wire, we have detailed extensively how Swiss Billionaire Hansjorg Wyss and Geroge Soros’s Open Society have made large contributions to the National Trust for Local News, the nonprofit which purchased five of Maine’s daily newspapers.
They are also bankrolling the left-wing nonprofit States Newsroom, which launched the Maine Morningstar in 2023.
[RELATED: Major Progressive Donors, Including Swiss Foreign National Hansjörg Wyss, Funded Press Herald Purchase and Are Funding Yet Another News Outlet in Maine]
While only time will tell if Audacy can emerge from it’s bankruptcy filing as a profitable enterprise, the future of radio does not look promising.
iHeartMedia, Audacy’s chief competitor, has also been struggling of late, with its stock down nearly 85% in the last five years.
With prospects in the industry bleak, the question emerges of why Soros is so keen to buy in? Does he see a major media renaissance on the horizon, or is this an attempt to exert even more influence on the US political sphere?
The only thing we know for certain? Anthony Weiner won’t be hosting the afternoon drive on WFAN any time soon.
Is it an attempt by Soros to exert even more influence on the U.S. political sphere? Ya think?!
I see the Hildabeast’s Muslim Brotherhood operative has switched from a JINO to a self-loathing Jew. These people all swim in the same sewer.
Now doesn’t that just get your shorts in a knot – LMA!
AM Talk radio is largely conservative. This is a move to control political thought.
Soros is a major funder of the Blob’s activities to control information flow between American citizens. Here it is in plain sight.
Buying the radio stations is one thing.. getting people to listen is another story. How did that work for Air America? Besides, even if he buys them just to shut them down, I don’t know about you ‘all, but I listen to podcasts since the great Rushbo transited to the great radio station in the sky, God bless him.
Media will be run by a trust fund nepo-baby of a dried up Nazi collaborator that hates Western Culture.
No point in even looking or listening to these outlets unless you’re part of the sea of stupid.
You can all collectively cool your jets.
First of all, WEEI is exclusively a sports station–unless you are worried about excessive bias in support of the Boston Celtics, you have nothing to fear. Secondly, Audacy does not own the Maine stations that syndicate WEEI–this article does not explicity say Audacy owns those stations, but it leaves the matter quite unclear and infers a political agenda. There is no evidence of such a thing.
The Maine stations at issue happen to be owned by the same Maine-based company which owns the quite conservatie WLOB and the Lobster Network, helmed every morning by Ray Richardson.
And by the way, conspiracy theories aside, George Soros has every legal right to do what he is doing.
All the listerners of all those stations will only here regime media fake news and liberal, socialist and globalist talking points just like rest. All conservative and dissenting talking points will not even be mentioned. Wake up Mainers!!