Senator John Kennedy Urging FCC to Review Soros’ Audacy Debt Acquisition
U.S. Senator John Kennedy (R-LA) wants the Federal Communications Commission to review the approval of billionaire George Soros’ acquisition of $400 million of Audacy’s debt that makes him the largest shareholder of the company that exited Chapter 11 restructuring last year. New FCC chairman Brendan Carr has promised to “take a very hard look” at a petition to reconsider the license transfer to the new
Audacy. Before he was chairman, Carr had argued that the FCC should not allow a “Soros shortcut” but must follow FCC procedure. In June of last year Carr said the FCC had never previously used the “Soros-shortcut” procedure to approve licenses to a firm with significant foreign ownership. But Audacy argued in its opposition to the Petition to Deny (filed last summer) that there is nothing unique about this request, saying that the FCC “granting a limited waiver deferring its foreign ownership review to facilitate a licensee’s prompt emergence from bankruptcy is consistent with the Communications Act.” Audacy added that the notion that the limited waiver is new “completely ignores longstanding precedent establishing the Commission-approved special warrant process used in a number of prior transactions to allow licensees to emerge from bankruptcy promptly, while affording the Commission sufficient opportunity to review foreign ownership issues post-emergence.”
national levels.” The company adds that the content operations department is also responsible for developing the requirements and business objectives that drive the short and long-term goals and funding for content creation, curation, and operational systems. Walker has been serving the company as director of programming and 
operations for Audacy Greensboro. At the same time, Audacy says SVP of technical operations John Kennedy will oversee a refocused broadcast engineering function. The company says Kennedy “will manage and maintain Audacy’s acquisition, distribution and production equipment and solutions at the local, regional, and national levels, including Audacy’s network operations center. Audacy EVP head of programming Jeff Sottolano comments, “Clay has already proven himself to be an adept and innovative thinker as it relates to the evolution of our content production and distribution systems. I am excited to see him and John partner more closely with our central, regional and local content and technical operations teams.”