Billionaire financier George Soros is set to take a controlling stake in the second-biggest radio company in America, after his investment firm snapped up a massive chunk of the radio firm’s debt that will be converted to stock after it exits bankruptcy.
Soros Fund Management, the investment firm founded by Mr. Soros, owns over $414 million of the highest-tier debt of Audacy Inc., a Philadelphia-based company that owns hundreds of radio stations, bankruptcy court filings show.
The Soros investment firm, which is listed alongside other Audacy lenders that are members of the “ad hoc first lien group,” is poised to have its debt converted into Audacy stock as part of a restructuring of the company….
