The FCC, as expected, has approved of Audacy Inc.’s plan to emerge from debtor-in-possession status — a move that makes Soros Fund Management the controlling interest holder in the audio content creation and distribution company founded by the Field family.
While the release of the Commission’s Memorandum Opinion and Order came early Monday, it was adopted in a divisive 3-2 vote on September 18, with Republicans Brendan Carr and Nate Simington vociferously disapproving the deal over Soros’ ties to liberal and Democratic causes.
Timing of the Memorandum Opinion and Order’s release comes as Audacy’s Debtor-in-Possession Forbearance Agreement was scheduled to expire today, after an extension granted by Houston-based U.S. Bankruptcy Judge Christopher Lopez in mid-August.
Lopez approved all of the necessary paperwork to allow Audacy Inc. to emerge from Chapter 11 bankruptcy on February 20.
