Following a $400 Million Investment, Soros Fund Management Reportedly Prepares to Take Control of Post-Bankruptcy Audacy

Last month, Audacy officially got in Chapter 11 insolvency. Now, George Soros’ Soros Fund Management has actually supposedly gotten $400 million worth of the business’s financial obligation– a financial investment that will apparently pay for the company control of the radio corporation.

Outlets consisting of the New York Post simply recently clarified Soros Fund Management’s possible takeover of Audacy, which began packaged Chapter 11 procedures about 5 weeks earlier. That difficulty followed significant layoffs and a delisting from the New York Stock Exchange, we reportedkeeping in mind likewise that debtholders would get equity stakes in the post-bankruptcy company.

Now, this far-from-ideal circumstance seeks to have actually prepared for Soros Fund Management’s abovementioned control of Audacy, the owner of north of 220 radio stations. Behind the reported financial investment– which has, obviously, showed up ahead of the quick-approaching 2024 governmental election– the discussed outlet showed that the Fund had throughout “the previous couple of weeks” purchased financial obligation at about 50 cents on the dollar.

Pointing out confidential sources with understanding of the matter, the Post additional communicated that Soros Fund Management’s matching stake represents about 40 percent of Audacy senior financial obligation and, in spite of not being a bulk, might “yield reliable control” once the insolvency procedure remains in the rearview. On this front, a hearing to authorize the Philadelphia-based organization’s restructuring strategy is arranged for Tuesday, February 20th.

Resolving the advancement, Audacy in a generic declaration explained “the choice by our existing and brand-new debtholders to end up being equity holders” as “a substantial vote of self-confidence in our business.” Neither Soros Fund Management nor the hedge fund from which it supposedly acquired the financial obligation appeared to have actually commented openly on the topic at the time of composing.

Moving beyond the political significance of the news and keeping the concentrate on the music area, it’s worth highlighting in conclusion Soros Fund Management’s reported function in the Taylor Swift masters debate.

Needless to state, that complex episode has actually mostly left the media spotlight– with Swift’s record-breaking trip incomesthoroughly timed album statementsand more rather taking spotlight.

It was just in April of 2020 that the singer-songwriter slammed the “outrageous greed” of “Alex Soros and the Soros household” in addition to other “monetary backers” of Scooter Braun, who had actually acquired Big Machine Label Group, consisting of the masters behind Swift’s very first 6 records, through Ithaca Holdings in 2019.

Now an officer with BTS firm HybeBraun unloaded his interest in these recordings later on in 2020, after coming to grips with outrage from the artist and her extremely enthusiastic Swifties fanbase.