According to Fox News, the House Oversight Committee has launched an investigation into the Federal Communications Commission's (FCC) expedited approval of George Soros' acquisition of over 200 radio stations across the United States.
This development comes just weeks before the 2024 presidential election, raising concerns about potential political influence and interference. The probe was initiated following reports from the New York Times about the FCC's seemingly accelerated decision-making process.
House Oversight Committee Chairman James Comer (R-Ky.) and Representative Nick Langworthy (R-N.Y.) are spearheading the investigation, questioning the FCC's apparent departure from standard procedures in approving the deal. The lawmakers have expressed worry about the timing of the approval and its potential impact on the upcoming election, given Soros' well-known financial support for left-wing causes and organizations.
The FCC's decision to expedite the approval process for Soros' purchase of a major stake in Audacy, a company owning more than 200 radio stations across 40 markets, has drawn scrutiny from Republican lawmakers. The deal, which would potentially allow Soros to reach over 165 million Americans, is being viewed with concern due to its proximity to the presidential election.
Comer and Langworthy have pointed out that the FCC appears to have bypassed its usual procedures for reviewing broadcast licenses in such situations. They argue that this move is unprecedented and potentially favors Soros, a prominent Democratic donor.
The lawmakers have requested documents and communications from the FCC to better understand the agency's actions and decision-making process in this case.
Another aspect of the deal that has raised alarms is the potential for increased foreign ownership of U.S. media outlets. According to the House Oversight Committee, the Audacy deal would result in the company being partially "directly or indirectly controlled" by foreign individuals or entities holding more than one-fourth of the capital stock.
FCC Commissioner Brendan Carr, as noted by Comer and Langworthy, has expressed concern about the commission not following its normal process for reviewing transactions involving foreign ownership of radio stations. Carr emphasized that such reviews typically involve national security agencies and can take several months to complete.
House Oversight Committee Chairman James Comer stated:
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.
In response to the investigation, an FCC spokesperson acknowledged receipt of the letter from Chairman Comer and stated that they would respond as they regularly do to such inquiries. The spokesperson also clarified that the Audacy application before the Commission pertains to a transfer from Audacy in bankruptcy to Audacy post-bankruptcy.
The FCC emphasized that no decision is final until the Commission releases it, which has not yet occurred. They also noted that the Commission has a long-standing process for reviewing transactions involving emergence from bankruptcy.
Some within the FCC have pushed back against the notion that this move represents a shortcut or "fast-tracked" approval for Soros. They point to similar processes used under the previous administration for other bankruptcy proceedings in the media industry.
As the investigation unfolds, the House Oversight Committee has set an October 3 deadline for the FCC to provide the requested documents and communications. The outcome of this probe could have significant implications for media ownership and regulatory practices in the United States.
