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Radio Giant Audacy Set To Exit Bankruptcy With Soros Fund Management As Largest Shareholder
Soros Fund Management is set to become the biggest shareholder of Audacy, the radio and podcast group that filed for bankruptcy in January.
Documents filed in bankruptcy court in the Southern District of Texas show that billionaire investor George Sorors’ Soros Fund Management had acquired about $415 million of Audacy’s first-lien debt, which would make SFM the broadcaster’s biggest shareholder when it emerges from bankruptcy. “The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” Audacy said in a statement to Bloomberg. Audacy is the nation’s second largest radio operater (after iHeart Media) with 225 stations in 45 markets., including KROQ and KCBS in Los Angeles and WFAN and WINS in New York.
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