Soros Fund Set to Become Leading Investor in Audacy

RADIO ONLINE | Thursday, February 15, 2024

Audacy

Soros Fund Management is on track to become the leading investor in Audacy as the company prepares to exit Chapter 11 bankruptcy. Legal documents reveal that the firm has secured over $414 million in Audacy's premium debt, making it the principal investor ahead of entities like SI Capital Commercial Finance, Goldman Sachs Asset Management, Mockingbird Credit Opportunities Company, PGIM and Solus Alternative Asset Management. A report by the New York Post indicates that this investment constitutes approximately 40% of Audacy's total senior debt.

Under the proposed bankruptcy resolution, existing Audacy shareholders would forfeit their shares, while senior creditors are expected to obtain equity in the restructured company. This plan awaits review at a hearing in the U.S. Bankruptcy Court for the Southern District of Texas, scheduled for February 20. George Soros, the founder of this private investment management company in 1970, continues to oversee its operations as Chairman.

Audacy has expressed optimism about this development, stating, "The commitment from both existing and new debt holders to transition into equity holders in Audacy underlines a strong belief in our organization and the broader radio and audio industry's potential."

The company anticipates a successful restructuring, emerging with new financial framework. Audacy plans to maintain its operational, strategic, and service commitments to its audience and advertisers.

Soros Fund Management has previously made significant investments in the radio sector, including a $80 million investment in Latino Media Networks through Lakestar Finance, and has stakes in digital media ventures such as Vice Media and Crooked Media.