The FCC fast-tracked approval of George Soros’ acquisition of 200 Audacy radio stations, sparking criticism from Republican commissioners over national security concerns.
By yourNEWS Media Newsroom
In a contentious decision on Monday, the Federal Communications Commission (FCC) approved a deal granting billionaire George Soros control over more than 200 Audacy radio stations. The move, described by dissenting commissioners as “unprecedented,” allows Soros to acquire stations across 40 media markets without undergoing the standard national security review process.
The FCC’s Democrat majority fast-tracked the decision despite objections from Republican commissioners. Soros reportedly relied on foreign investment to secure his bid and requested an expedited review, bypassing the typical year-long national security process that applies to such acquisitions.
FCC Chair Jessica Rosenworcel defended the decision, comparing it to prior license transfers for media companies like Cumulus Media and iHeart Media, which also occurred during bankruptcy proceedings. She emphasized that the FCC’s role in the Audacy deal was to ensure the company emerged from bankruptcy quickly and orderly.
“In this decision, we approve the assignment of licenses held by Audacy, which has been under the control of a bankruptcy court… To suggest otherwise is cynical and wrong, as this precedent clearly demonstrates,” Rosenworcel said in a statement.
However, FCC Republican-nominated commissioners raised alarms over the expedited process and its potential implications for national security. Commissioner Brendan Carr strongly criticized the deal, arguing that bypassing the traditional national security checks for foreign investment raises serious concerns.
“The Commission’s decision today is unprecedented. Never before has the Commission voted to approve the transfer of a broadcast license—let alone the transfer of licenses for over 200 radio stations across more than 40 markets—without following the requirements and procedures codified in federal law,” Carr wrote. He added, “Did they obtain approval from the FCC for their excessive foreign ownership? No, they did not.”
NEW
The FCC just released the text of its 3-2 decision to approve a Soros backed group’s purchase of 200+ radio stations.
The Commission’s decision today is unprecedented. Never before has the Commission voted to approve the transfer of a broadcast license—let alone the… pic.twitter.com/gnMbl2z8Jb
— Brendan Carr (@BrendanCarrFCC) September 30, 2024
Carr further expressed concerns that the deal was approved without input from other federal agencies, including those with national security expertise, which would typically review the application for foreign investment risks.
Commissioner Nathan Simington echoed Carr’s concerns, criticizing the FCC’s inconsistency in applying its regulations. “A Commission eager to fast-track a billion-dollar broadcast media reorganization, disregarding foreign ownership concerns, is the same Commission that has imposed strict foreign sponsorship identification rules on small, independent broadcasters,” Simington said.
The approval of Soros’ acquisition has already sparked controversy, with critics arguing that such large-scale foreign-backed media deals could influence U.S. airwaves and pose risks to national security. Despite these concerns, the deal moves forward, marking a significant shift in the regulatory approach toward media ownership in the U.S. under the current administration.
The FCC’s decision has prompted calls for further scrutiny, with some lawmakers pushing for greater oversight of foreign investments in American media to ensure they align with national interests. The impact of this decision on both the media landscape and national security will likely be watched closely in the months to come.
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