A wealthy family investment fund tied to controversial political donor George Soros will assume a major stake in one of the nation’s largest radio companies, Audacy, which operates several stations in Boston. Philadelphia-based Audacy initiated Chapter 11 bankruptcy proceedings in U.S. Bankruptcy Court for the Southern District of Texas, the company announced last month. Subsequent filings show the company plans to reorganize and reform in Delaware. This week, a document filed in the bankruptcy case showed that the New York City-based Soros Fund Management LLC has acquired more than $400 million in Audacy’s senior debt. As the company reorganizes, the debt will be converted to equity in the new company, and the Soros fund will own approximately 40% of the business.Other holders of Audacy’s debt include Goldman Sachs Asset Management and PGIM, which was formerly known as Prudential Investment Management. “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,” an Audacy spokesperson said in a statement. “We expect to emerge from our restructuring process with a strong capital structure and well-positioned to capitalize on our strategic transformation into a scaled leading multi-platform audio content and entertainment company. We intend to continue running our business, executing our strategy and delivering for our listeners and advertisers as we always do.”Audacy’s list of Boston-area stations includes:WEEI 93.7 FMBig 103Magic 106.7Mix 104.1Channel QAudacy was de-listed from the New York Stock Exchange in November, following a months-long process.
A wealthy family investment fund tied to controversial political donor George Soros will assume a major stake in one of the nation’s largest radio companies, Audacy, which operates several stations in Boston.
Philadelphia-based Audacy initiated Chapter 11 bankruptcy proceedings in U.S. Bankruptcy Court for the Southern District of Texas, the company announced last month. Subsequent filings show the company plans to reorganize and reform in Delaware.
This week, a document filed in the bankruptcy case showed that the New York City-based Soros Fund Management LLC has acquired more than $400 million in Audacy’s senior debt. As the company reorganizes, the debt will be converted to equity in the new company, and the Soros fund will own approximately 40% of the business.
Other holders of Audacy’s debt include Goldman Sachs Asset Management and PGIM, which was formerly known as Prudential Investment Management.
“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,” an Audacy spokesperson said in a statement. “We expect to emerge from our restructuring process with a strong capital structure and well-positioned to capitalize on our strategic transformation into a scaled leading multi-platform audio content and entertainment company. We intend to continue running our business, executing our strategy and delivering for our listeners and advertisers as we always do.”
Audacy’s list of Boston-area stations includes:
- WEEI 93.7 FM
- Big 103
- Magic 106.7
- Mix 104.1
- Channel Q
Audacy was de-listed from the New York Stock Exchange in November, following a months-long process.
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