The Federal Communications Commission (FCC) has reportedly fast-tracked approval for Democrat billionaire George Soros’ acquisition of over 200 radio stations nationwide, skipping the usual review process. This move comes just over a month before the upcoming election.
According to sources cited by the New York Post, the FCC voted on Wednesday to approve Soros’ purchase of the stations, which span 40 markets. The commission’s three Democrat members voted in favor of the deal, while the two Republican members opposed it.
FCC regulations generally limit foreign ownership of U.S. radio stations to 25 percent. To facilitate his purchase, Soros used foreign investment and filed a request with the FCC to bypass the standard review process, which typically includes a national security assessment lasting up to a year. In a break from precedent, this deal was approved without undergoing that review, marking the first time such an exemption has been made in modern history. Soros’ group has indicated that they will return to the FCC for the security review at a later date.
In February, Soros’ investment firm, Soros Fund Management, acquired $400 million in debt from Audacy, giving him control of approximately 40 percent of the company’s debt. Audacy operates more than 220 radio stations nationwide and is the second-largest radio network in the U.S., behind iHeartMedia. Some of its stations feature prominent conservative commentators such as Sean Hannity, Dana Loesch, Mark Levin, and Glenn Beck.