by Robert Schmad
An investment firm founded by billionaire George Soros is looking to ramp up its influence over a key slice of American broadcasting.
Soros Fund Management, which is controlled by Open Society Foundations (OSF), has made multiple high-profile media acquisitions over the past two years and, according to sources familiar who spoke with Semafor, is in discussions to purchase even more. Roughly one-third of all media consumed in the United States is in the form of audio and about half of Americans still listen to the radio when traveling in their cars.
OSF, a network of nonprofits Soros laid the groundwork for in 1984, has spent billions since funding left-of-center organizations across the globe, according to its website. Soros himself poured more than $32 billion into his philanthropies since 1984.
The Soros network’s recent string of media purchases began in 2022 when Soros Fund Management invested an undisclosed amount into Crooked Media, a liberal podcast network, Variety reported.
Crooked Media hosts dozens of highly trafficked podcasts, with Pod Save America, for instance, being the fifth most popular news show on Apple Podcasts.
Soros Fund Management’s investment bought it a seat on the podcast network’s board and, according to the founders of the company, may be used by Crooked to fund acquisitions, according to Variety. Soros Fund Management does not hold a majority stake in Crooked Media.
Crooked Media wasn’t Soros’ only foray into audio in 2022. Lakestar Finance, an investment firm where Soros Fund Management serves as the “principal investment manager,” also financed Latino Media Network’s $60 million purchase of 18 Spanish-language radio stations operating across the country, including the conservative Radio Mambí in Florida.
Some of the Spanish-speaking radio hosts impacted by the purchase left their shows, citing editorial disagreements, according to The New York Post.
The Soros network’s most recent move into audio came in February when Soros Fund Management acquired over $400 million worth of debt owed by Audacy, the nation’s second-largest network of radio stations. The debt has since been converted into equity as part of a corporate restructuring plan, making Soros Fund Management one of Audacy’s largest shareholders.
Three people who have been involved in discussions with Soros executives say these acquisitions could be part of a larger push to cement control over audio-based media, according to Semafor. Soros Fund Management, for instance, has privately discussed acquiring Cumulus Media, a radio network that operates 403 networks and reaches a quarter of a billion people every month.
Soros Fund Management is also considering multiple podcast companies for acquisition, according to Semafor.
The Soros network’s involvement in media stretches beyond podcasts and radio.
Courier Newsroom, a network of websites that present as local news outlets but push pro-Democratic articles, has received millions of dollars in support from the Soros philanthropic network.
OSF and left-wing Swiss Billionaire Hansjörg Wyss also reportedly financed the acquisition of nearly two dozen local newspapers in Maine. Soros’ philanthropies have pumped millions into local and nonprofit news operations over the years.
Soros’ son, Alex, became chair of OSF which controls the family investment firm, in December 2022.
Alex Soros has described himself as “more political” than his father.
Soros Fund Management did not immediately respond to the Daily Caller News Foundation’s request for comment.
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Robert Schmad is a reporter at Daily Caller News Foundation.
Photo “George Soros” by George Soros
