Soros Fund Management is positioned to become the biggest shareholder of Audacy when the radio and podcast company emerges from bankruptcy.
The investment firm founded by billionaire George Soros has scooped up more than $400 million of Audacy’s highest-ranking debt, Bankruptcy Court filings show. That makes it by far the biggest member of a group of lenders planning to swap their loans for stock in the broadcaster.
“The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” Audacy said in a statement.
Soros Fund Management and lawyers for the creditor group didn’t immediately respond to requests for comment.
It’s just the latest media investment for Soros. The fund was part of a group of lenders that bought Vice Media out of bankruptcy last year and earlier took a minority stake in the podcast company Crooked Media.
Audacy, the second-largest radio broadcaster in the U.S., filed for bankruptcy in January, crushed by $2.7 billion of debt.
Under Audacy’s bankruptcy plan, existing shareholders would be wiped out, and high-ranking creditors would be repaid with stock in the restructured company. The proposal requires Bankruptcy Court approval.