Debt purchase to make Soros top shareholder in Audacy, owner of Detroit radio stations

Billionaire financier George Soros is buying out a large amount of debt for Audacy Inc., the Philadelphia company that owns WWJ-AM 950, 97.1 the Ticket and other Detroit radio stations.

According to bankruptcy court filings, Soros, known for his support of liberal causes, would assume $415 million of Audacy’s senior debt. The radio giant filed for Chapter 11 bankruptcy in January.

Soros Fund Management would be the largest stakeholder of the company, according to the list of ad hoc first lien holders in the filing in U.S. Bankruptcy Court for the Southern District of Texas. Other stakeholders include PGIM, SI Capital Commercial Finance LLC and Solus Alternative Asset 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,” Audacy 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.”

In addition to WWJ and 97.1 the Ticket, Audacy owns Detroit stations including WXYT-AM 1270, WOMC-FM 104.3, WYCD-FM 99.5 and WDZH-FM 98.7.