Republicans Probe George Soros’ Acquisition of U.S. Radio Stations, Raising Concerns Over Media Influence and National Security
Republican lawmakers are ramping up an investigation into billionaire George Soros’ recent acquisition of a large stake in U.S. radio stations, expressing concerns about media ownership, election integrity, and potential national security implications. Known for his extensive financial support of liberal and Democratic causes, Soros has come under scrutiny after a fund backed by him gained control of hundreds of U.S. radio stations through a recent acquisition.
The acquisition follows the bankruptcy of Audacy Inc., the second-largest radio company in the United States, which filed for Chapter 11 protection earlier this year. A Soros-funded entity capitalized on the bankruptcy, purchasing a significant portion of Audacy’s debt, which eventually led to a controlling stake in over 200 radio stations. However, Republican lawmakers have raised concerns not only about the acquisition itself but also about how the deal was handled by the Federal Communications Commission (FCC).
FCC Decision Draws Scrutiny
The FCC approved the acquisition by waiving standard media ownership rules, a decision that allowed Soros’ fund to bypass restrictions on foreign ownership. Under the Communications Act of 1934, FCC guidelines limit foreign ownership of media outlets, typically requiring an extensive review to ensure transactions are in the public interest and align with national security standards. The approval, issued on September 30, has Republicans questioning why the FCC fast-tracked the process without a comprehensive investigation.
House Energy and Commerce Committee Chair Cathy McMorris Rodgers voiced her concerns in a public statement, criticizing the FCC’s “unusual waiver” allowing up to 25% foreign ownership of Audacy by Soros’ fund. Typically, a transaction of this magnitude would trigger stringent reviews, yet in this case, the FCC opted to forgo its usual procedures.
On Monday, Rodgers and other GOP lawmakers issued a letter to FCC Chairwoman Jessica Rosenworcel, demanding a detailed explanation of the waiver approval and clarification on the FCC’s foreign ownership review process. Lawmakers have asked for a briefing on the FCC’s decision by October 18, seeking insight into why this acquisition was approved at the commission level rather than being delegated to bureau staff. The letter raises critical questions, including why the FCC applied a more lenient approach, which many believe may have provided Soros an advantage over other media buyers.
Transparency and Consistency in FCC Decision-Making
In their letter, Republican lawmakers argued that transparency in the FCC’s decision-making is essential, especially concerning media ownership rules that protect U.S. interests. Rodgers emphasized that broadcasters need assurance that FCC rules are applied consistently, without preferential treatment based on political influence or financial backing.
The letter requested a list of license transfers denied in bankruptcy cases, implying that Soros’ purchase may have received preferential treatment due to his political influence. Lawmakers are particularly concerned with whether the FCC’s approval of the Soros-backed acquisition complies with media ownership rules that exist to prevent foreign influence over U.S. media.
Potential National Security Concerns
The timing of Soros’ acquisition—less than two weeks before the upcoming presidential election—has added to the controversy, with critics asserting that the move may be strategically aimed at influencing election narratives. Republican leaders warn that control over such a large number of media outlets could amplify Soros’ influence in a way that may impact voter opinions and sway the election in favor of liberal narratives.
Some Republicans are framing the issue as not only a matter of media ownership but also as a question of national security, given that foreign ownership of a major broadcasting entity could lead to security vulnerabilities or biased reporting that might not align with U.S. interests.
Next Steps in the Investigation
If the investigation uncovers irregularities in the FCC’s approval process, Republican lawmakers may consider further actions, such as holding hearings or exploring potential legal challenges to ensure compliance with media ownership regulations. They argue that the FCC’s decision to waive its standard protocols for Soros’ acquisition raises serious questions about impartiality in regulatory practices and the potential for political influence in media consolidation.
As the probe intensifies, GOP leaders are focused on protecting the integrity of American media and preventing what they see as an unwarranted expansion of foreign ownership in critical sectors. They believe that, in light of these recent developments, a thorough examination of how media ownership regulations are enforced is more necessary than ever, especially as the election approaches.