In the past couple of years, Soros Fund Management, the company established by the wealthy investor and currently managed by the Open Society Foundations, is now emerging as a significant player in the long-standing realm of radio broadcasting.
In February, the company acquired a significant stake in Audacy, a prominent radio company in the U.S. that had recently filed for bankruptcy.
Audacy boasts an extensive network of over 230 stations across the country, along with a podcast division that encompasses Cadence13 and Pineapple Street Studios.
In 2022, an undisclosed investment was made by Soros in Crooked Media, the podcast network known for the highly popular Pod Save America.
In a significant development, a firm supported by Soros played a vital part in the sale of 18 Hispanic radio stations by Univision for a staggering $60 million in 2022.
The new firm, led by individuals with a background in Democratic politics, now takes charge of these stations.
The agreement, which involved influential Cuban broadcasters in Miami known for their conservative views, faced strong opposition from Republican lawmakers.
According to sources familiar with the matter, Soros executives have been engaged in discussions that suggest a potential expansion into the radio industry.
This move could potentially be the start of a larger acquisition strategy in the audio sector.
The fund has also privately explored the possibility of acquiring other prominent radio companies, including the struggling, publicly traded Cumulus Media.
Restrictions on radio station ownership have imposed constraints on these types of mergers.
Over the past year, Michael Del Nin, the fund’s lead media investor, has had meetings with several prominent figures in the digital media and audio industry.
One of these notable encounters was with Project Brazen, a podcast company.
According to insiders, the company has shown interest in acquiring various businesses, such as Pushkin Industries, a prominent podcast company founded by Malcolm Gladwell and Jacob Weisberg, as well as Lemonada, a well-known network recognized for its captivating interview show hosted by Julia Louis-Dreyfus.
According to a source familiar with the podcast industry, Lemonada is currently undergoing a formal process to seek a buyer.
However, it seems that the company’s high asking price has deterred some potential buyers.
Soros often engages in media investments with the dual purpose of generating profits and advancing his vision of promoting far-left values within a society that embraces “openness.”
[READ MORE: Ukraine Attacks Russian Oilfields as it Continues to Falter on Battlefield]
