The House Oversight and Accountability Committee has opened an investigation into the Federal Communications Commission (FCC) following allegations that the agency fast-tracked the approval of a deal that would give Democratic mega donor George Soros a significant stake in more than 200 U.S. radio stations. The inquiry, announced on Thursday by Chairman James Comer (R-Ky.) and Rep. Nick Langworthy (R-N.Y.), comes amid concerns that the deal could impact the 2024 election and politicize the FCC, an independent body.
The investigation was launched after FCC Commissioner Brendan Carr warned that the Commission was using a “shortcut” to expedite its review of a Soros-backed purchase of Audacy Inc., one of the largest radio station owners in the U.S. Audacy is currently undergoing a Chapter 11 reorganization, and Soros is reportedly involved in a group seeking to acquire $415 million of its debt.
Just The News reports Carr raised the alarm last week, claiming that the FCC’s handling of the deal was unprecedented and violated the agency’s normal processes for reviewing transactions, especially those involving significant foreign ownership stakes. Under FCC rules, foreign entities are typically limited to owning no more than 25% of a U.S. media company without a thorough review and approval process.
“The FCC appears to be bypassing standard processes and procedures in an unprecedented way to benefit a Democrat megadonor acquiring a major equity stake in hundreds of local radio stations across the country,” Comer and Langworthy wrote in a statement. The lawmakers accused the FCC of politicizing its decision-making to benefit Soros ahead of the 2024 election.
George Soros, known for his financial support of progressive causes, is described in the committee’s statement as a “financier of organizations advocating for speech restrictions and censorship of conservatives online.” Critics worry that his involvement in acquiring a large number of radio stations could give him undue influence over public opinion, and most importantly, in the lead-up to a highly contentious presidential election.
The lawmakers’ letter further alleges that the FCC majority is not only expediting the deal but also bypassing the established process to do Soros a favor, effectively giving him control over a significant portion of U.S. media.
“By all appearances, the FCC majority isn’t just expediting, but is bypassing an established process to do a favor for George Soros and facilitate his influence over hundreds of radio stations before the November election,” Comer and Langworthy wrote.