FCC Approves Audacy's Bankruptcy Plan, Soros-Backed Group Gains Control

The restructuring allows Audacy to emerge from bankruptcy, reducing its debt significantly and transitioning to private ownership.

Audacy, a major U.S. radio broadcaster, has emerged from bankruptcy, reducing its debt from $1.9 billion to $350 million.
The FCC approved the transfer of Audacy's licenses, enabling the company to move forward without an immediate foreign ownership review.
A significant stake in the restructured company is held by the Fund for Policy Reform, a nonprofit funded by billionaire George Soros.
The approval process has been controversial, with Republican lawmakers and FCC commissioners alleging the deal was expedited improperly.
Audacy's CEO, David Field, will continue to lead the company, which plans to focus on growth opportunities in sports radio and podcasts.