George Soros to become Audacy’s largest shareholder post-bankruptcy
George Soros. (Photo courtesy World Economic Forum via Wikimedia Foundation)
An investment fund founded by billionaire George Soros is set to become the largest individual shareholder of troubled radio broadcaster Audacy.
This week, Audacy disclosed to a federal court overseeing its Chapter 11 bankruptcy case that Soros Fund Management acquired around $400 million worth of debt and plans to swap those loans for stock in the radio company.
“The decision by our existing and new debt-holders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” a spokesperson for Audacy said in a statement.
The investment marks the latest move involving Soros Fund acquiring some or all of a distressed media company. Last year, Sorous Fund helped bring Vice Media out of bankruptcy after taking a position in that company. It also acquired a minority stake in Crooked Media,...
An investment fund founded by billionaire George Soros is set to become the largest individual shareholder of troubled radio broadcaster Audacy.
This week, Audacy disclosed to a federal court overseeing its Chapter 11 bankruptcy case that Soros Fund Management acquired around $400 million worth of debt and plans to swap those loans for stock in the radio company.
“The decision by our existing and new debt-holders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” a spokesperson for Audacy said in a statement.
The investment marks the latest move involving Soros Fund acquiring some or all of a distressed media company. Last year, Sorous Fund helped bring Vice Media out of bankruptcy after taking a position in that company. It also acquired a minority stake in Crooked Media,...
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