Warshaw Sues Soros Fund Over Alleged Broken Deal

RADIO ONLINE | Friday, May 30, 2025 | 11:03am CT

Jeff Warshaw

Jeff Warshaw, CEO of Connoisseur Media, has filed a lawsuit against Soros Fund Management (SFM) and its media executive Michael Del Nin, claiming they reneged on a deal that would have made him CEO of Audacy or entitled him to a share of the profits from SFM's acquisition of the company.

The complaint, filed in Connecticut Superior Court on May 20, alleges Warshaw spent more than a year working closely with SFM on a pair of major radio transactions -- first targeting Cox Radio and later Audacy -- and was promised compensation for his role, either in the form of an executive appointment or 5% of SFM's profits from the deal.

The suit outlines how the relationship began in September 2022, when a media banker introduced Warshaw to Del Nin, who was exploring opportunities to expand SFM's presence in radio. Warshaw, a veteran radio operator with decades of experience, emerged as a natural partner. According to the filing, the two quickly aligned on a vision: SFM would provide capital, and Warshaw would serve as CEO of any acquired entity.

By mid-2023, their focus had turned to Cox Radio. Warshaw was formally listed as an advisor to SFM on a non-disclosure agreement with Cox, and he actively participated in due diligence, offering operational insights and guidance. Del Nin allegedly confirmed by phone in August 2023 that Warshaw would be CEO if the deal closed, with a market-based salary and 5-6% equity-based compensation.

However, the Cox deal began to falter later that year. As it did, Warshaw identified another opportunity: distressed radio giant Audacy.

According to the complaint, Warshaw discovered in fall 2023 that investment firm HG Vora held a controlling position in Audacy's debt and was likely looking to exit. Before disclosing details, Warshaw sought assurance from Del Nin that his work would be rewarded. Del Nin allegedly agreed to the same terms as discussed in the Cox deal -- either appointing Warshaw CEO or paying him 5% of the profits.

Warshaw then introduced Del Nin to HG Vora and helped shape the strategy that ultimately led SFM to acquire approximately $400 million in Audacy's first-lien debt. Throughout the process, Warshaw says he advised on everything from deal structure and board appointments to operational strategy -- all while being discouraged by Del Nin from documenting their agreement in writing, citing internal compliance concerns. The pair sometimes used code words like "Defcon 1" to communicate urgency over the phone.

In September 2024, Audacy announced it had exited Chapter 11 bankruptcy with SFM as its majority stakeholder -- and that CEO David Field would remain in place. Days later, Warshaw emailed Del Nin, congratulating him and requesting confirmation of their agreement. Del Nin called back and, according to the suit, denied any such agreement ever existed.

In the months since, Warshaw claims SFM has "repeatedly and falsely denied that any business relationship ever existed." Despite playing a pivotal role in identifying and structuring the Audacy deal, Warshaw says he was left uncompensated.

The suit accuses Soros Fund Management and Del Nin of breach of contract, promissory estoppel, quantum meruit, and violations of the Connecticut Unfair Trade Practices Act. Warshaw seeks compensatory and punitive damages, legal fees, and specific enforcement of the alleged agreement. A jury trial has been requested.

Warshaw, who recently announced the acquisition of over 200 radio stations through Connoisseur Media's acquistion of Alpha Media, says he passed on other investment partners and opportunities due to his commitment to SFM.

Soros Fund Management has not yet responded to the lawsuit.