A management fund created by billionaire liberal George Soros is set to add to its burgeoning audio empire after it acquired in February a controlling interest in bankrupt Audacy, the second-largest radio company in the U.S. behind iHeart Media.
Soros Fund Management, which is now controlled by Soros' nonprofit Open Society Foundations, has also privately discussed acquiring other major radio companies that are struggling, such as the publicly traded Cumulus Media, Semafor reported Sunday, citing three people who have been involved in discussions with Soros executives.
The fund's lead media investor, Michael Del Nin, met with a number of major figures in digital media and audio during the last year, including the podcast company Project Brazen, Semafor reported. It has also considered several potential companies for acquisition, including Pushkin Industries, the podcast company from Malcolm Gladwell and Jacob Weisberg, and Lemonada, the network best known for its "Wiser Than Me" show hosted by Julia Louis-Dreyfus.
But Soros' desire to build an audio empire could be hampered by Federal Communications Commission restrictions that limit the number of radio stations an entity can own.
Liberalism Radio Podcasts Empire Audacy
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