Soros’ Audacy to Close Pineapple Podcast Distribution Business
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Diverging Reports Breakdown
George Soros fund tightens grip over US radio waves after controlling bankrupt Audacy
Billionaire investor George Soros’ Soros Fund Management bought a majority stake in bankrupt radio company Audacy in February. Soros’ fund is controlled by his nonprofit organization, Open Society Foundations, which funnels about $1.5 billion a year to liberal causes. The fund’s lead media investor, Michael Del Nin, has arranged meetings with multiple heavyweight players in the digital media and audio space over the past year. Del Nin has also mulled an acquisition of Pushkin Industries as well as podcast network Lemonada Media, sources told Semafor. Podcast industry insider told the outlet that Lemonada, which also inked a podcasting deal with Meghan Markle in February, is in the middle of a formal process to find a buyer, but potential clients have refused to pay the company’s high asking price. In September 2022, Soros also invested an undisclosed amount in liberal podcast network Crooked Media, which is home to the popular “Pod Save America,” which averages upwards of 1.5 million listeners per episode.
The fund’s February investment in Audacy — the second-largest radio firm in the US behind iHeartMedia — potentially marks the beginning of a larger audio-buying spree, three people who have been involved in discussions with Soros executives told Semafor.
In those talks, Soros’ fund, which is now controlled by the magnate’s nonprofit organization, Open Society Foundations, has privately mulled acquiring other major radio companies, including AM and FM giant Cumulus Media, according to Semafor.
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4 The George Soros-founded Soros Fund Management has been wading further into the radio industry and could potentially go on an audio-buying spree, three people involved in the discussions told Semafor. AP
As the largest shareholder in Audacy, Soros Fund Management already owns 230 radio stations nationwide — including New York’s WFAN and 1010 WINS, as well as Los Angeles-based KROQ, per bankruptcy filings — as well as a podcast arm that includes Cadence13 and Pineapple Street Studios.
The fund also took on roughly $400 million of Audacy’s sizable debt in its corporate maneuver.
The fund’s lead media investor, Michael Del Nin, has arranged meetings with multiple heavyweight players in the digital media and audio space over the past year, including at podcasting firm Project Brazen, per Semafor.
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Del Nin has also mulled an acquisition of Pushkin Industries — the podcasting and audiobook company co-founded by Malcolm Gladwell — as well as podcast network Lemonada Media, best known for its “Wiser Than Me” show with Julia Louis-Dreyfus, sources told Semafor.
Separately, a podcast industry insider told the outlet that Lemonada, which also inked a podcasting deal with Meghan Markle in February — is in the middle of a formal process to find a buyer, but potential clients have refused to pay the company’s high asking price.
However, the Federal Communications Commission has regulations that limit the number of radio stations a single entity can own.
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4 With its stake in Audacy, Soros Fund Management took control of 230 radio stations nationwide as well as a podcast arm that includes Cadence13 and Pineapple Street Studios. Audacy
In addition, in September 2022, Soros also invested an undisclosed amount in liberal podcast network Crooked Media, Semafor reported, which is home to the popular “Pod Save America,” which averages upwards of 1.5 million listeners per episode.
That same year, a Soros-backed firm played a key role in Univision’s $60 million sale of 17 Hispanic radio stations to a company run by veterans of Democratic politics, per Semafor.
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Republican representatives at the time warned that Soros was trying to take over Cuban radio, according to the Miami Herald, with one right-leaning media startup warning in a text blast that “the international socialist billionaire” was “trying to silence conservative Spanish voices with the purchase of” WAQI-710 AM Mambi.
When Soros’ Audacy investment was announced just months later, a Republican insider close to the situation told The Post at the time that it was possible Soros was buying the stake to exert influence on public opinion in the months leading up to the 2024 presidential election.
4 Alex Soros, 38, recently took over his billionaire family’s holdings — including its nonprofit Open Society Foundation, which funnels about $1.5 billion a year to liberal causes. REUTERS
“This is scary,” the source said.
Audacy filed for bankruptcy on Jan. 7 with $1.9 billion of debt.
Under its current Chapter 11 bankruptcy plan, existing shareholders are expected to be wiped out, and high-ranking creditors like Soros would be repaid with stock in the restructured company.
Representatives for Soros Fund Management at Open Society Foundations did not immediately respond to The Post’s request for comment.
4 Podcast network Lemonada Media has been formally looking for a buyer, though many potential clients have balked at its high asking price. Soros’ fund reportedly mulled buying up the firm. Lemonada Media
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The reins of Open Society Foundations — which funnels about $1.5 billion a year to liberal causes — were recently handed to Soros’ youngest son, Alex, a 38-year-old NYU grad who said he was picked partially because he is even “more political” than his elderly dad.
In yet another media play for Soros, a fund linked to Soros joined a consortium last summer of former lenders who paid $350 million for bankrupt Vice Media — an outlet that at its peak was once valued at $6 billion.
A judge in Manhattan federal bankruptcy court ruled that Soros Fund Management and Fortress Investment Group represented the best option to take the Brooklyn-based media firm out of Chapter 11 bankruptcy.
The fire sale marked the stunning demise of Vice, which was co-founded by larger-than-life media exec Shane Smith.
Audacy layoffs to surpass 300, include local and national job cuts
Around 100 employees received layoff notices on Thursday, and more than 300 could be let go by mid-March. The layoffs affected national, regional and local operations, and spanned across job titles. Many of the affected workers were informed about their layoffs this week, the sources said, and others are expected to be told in the coming days. In January 2024, Audacy filed for Chapter 11 bankruptcy, a move that was intended to remedy around $1.6 billion of its nearly $2 billion in debt. The Federal Communications Commission (FCC) approved a transfer of Audacy’s broadcast licenses from the bankruptcy company to a newly-established firm — also called Audacy — that counts George Soros and his Soros Fund Management among its creditor-owners. The new ownership structure has drawn the ire of FCC Chairman Brendan Carr, who said the agency last year rushed to approve the license transfer without giving it proper scrutiny. It would likely cause more harm than good to a radio company that, despite its emergence from bankruptcy as a better-capitalized operation, is still beset by organizational challenges.
Around 100 employees received layoff notices on Thursday, and more than 300 could be let go by mid-March.
Radio broadcaster Audacy issued sweeping layoffs this week that have impacted at least 100 workers in local and national radio operations, according to multiple sources who spoke with The Desk on background.
Two sources familiar with the company’s plans said the layoffs affected national, regional and local operations, and spanned across job titles, including human resources, accounting and payroll, creative services, on-air talent, digital content producers and other workers.
Many of the affected workers were informed about their layoffs this week, the sources said, and others are expected to be told in the coming days. While the initial tally was around 100 workers affected, one source said the total number of people who may lose their jobs could exceed 300 by the end of mid-March.
On Thursday, a spokesperson for Audacy issued a statement to reporters that confirmed the layoffs, without citing a specific number of employees affected.
“Audacy has made workforce reductions to ensure a strong and resilient future for the business,” the Audacy spokesperson affirmed. “We are streamlining resources to stay competitive in a rapidly evolving media landscape and to best position Audacy to continue serving listeners and advertisers with excellence.”
Like other radio companies, Audacy has struggled to accommodate an evolving shift in the way people receive their music, sports talk and news as competition heats up from streaming and other digital distribution platforms, including on-demand music services like Spotify and podcast platforms.
The situation Audacy finds itself is also unique, because the company — formerly known as Entercom — took on a significant amount of debt in order to effectuate a blockbuster merger with once-rival CBS Radio, allowing it to scale its operations to over 220 radio stations serving around five dozen media markets.
The company also bet large on a handful of podcast production firms, including Cadence 13 and Pineapple Street Media. While the podcasts deliver tens of millions of listeners each month, they have yet to make a substantial contribution to the company’s top or bottom lines.
Investors were not pleased. The company lost its New York Stock Exchange listing after its per-share price fell below the required threshold of $1. To regain compliance, it initiated a reverse stock split, effectively combining multiple shares in order to bring its per-share price back into compliance. It didn’t last long, with the company being delisted for a second time after the share price fell below $1 again.
In January 2024, Audacy filed for Chapter 11 bankruptcy, a move that was intended to remedy around $1.6 billion of its nearly $2 billion in debt. One month later, a federal bankruptcy court approved its restructuring plan; the Federal Communications Commission (FCC) approved a transfer of Audacy’s broadcast licenses from the bankruptcy company to a newly-established firm — also called Audacy — that counts George Soros and his Soros Fund Management among its creditor-owners.
The new ownership structure has drawn the ire of FCC Chairman Brendan Carr, who said the agency last year rushed to approve the license transfer without giving it proper scrutiny. Carr, who was a FCC Commissioner at the time the matter was decided, was appointed to his current role by President Donald Trump in January.
“If your last name was Soros, well, the commission bent over backwards and gave you a special, unprecedented commission-level shortcut to buy 200 radio stations,” Carr said during a television interview.
Carr’s comments suggested the FCC might take another look at the matter, even after it was already approved. It would likely cause more harm than good to a radio company that, despite its emergence from bankruptcy as a better-capitalized operation, is still beset by organizational challenges.
In January, Audacy’s long-time CEO David Field announced his departure, capping a 27-year career as the company’s top executive that included oversight over many of the deals that landed the broadcaster in its precarious financial position. Last month, Audacy’s Chief Financial Officer Rich Schmaeling said he was leaving the company before his contract was set to expire.
The layoffs that started on Thursday are expected to help Audacy save tens of millions of dollars in employee-related expenditures, including benefits and salaries, in the coming years. But they come at a sizable reputation cost, as some of those who received pink slips have deep ties to their communities.
The affected workers include J.R. Cruz Gonzalez, a Wichita-based radio host with more than four decades of local broadcasting experience. Gonzalez had been off the air in recent weeks due to a health episode, and his termination came without an opportunity to say goodbye to listeners in the manner most-customary in the radio industry: From behind a microphone.
Instead, he took to Facebook to bid farewell to his audience.
“I am making plans to head back home to Houston to rehab and recover,” Gonzalez wrote. “Only God knows the plans He has for me — plans for me to prosper and a future.”
What follows below is a list of confirmed national and local radio departures, based on public statements, local media reports and sources who requested anonymity:
National Radio
Nick Ashooh (BetMGM Network / Infinity Sports Network)
Citlaly Bastian (Audacy Corporate)
Lucy Burdge (BetMGM Network)
Joe Cingrana (Audacy Corporate)
Bailey Dotson (Audacy Corporate)
Dan Edwards (Audacy Corporate)
Dan Karpuc (Audacy Corporate)
Matthew Horner (BetMGM Network)
Tarrah Gibbons (Audacy Corporate)
Julianne Gilman (Audacy Corporate)
Anna McMichael-Kane (Audacy Corporate)
Sophie Pratt (Audacy Corporate)
Spencer Ray (BetMGM Network)
Dave Savage (Audacy Corporate)
Local Radio
Jonathan Alcantara (WMQX, Scranton)
J. R. Cruz Gonzalez (KEYN, Wichita)
John “Johnny Dare” Caprefoli (KQRC, Kansas City)
Craig Elsten (KWFN, San Diego)
Marc Ernay (WINS-AM, New York City)
Charles Feldman (KNX, Los Angeles)
Annie Heilbrunn (KWFN, San Diego)
Brian “Ponch” Hudgens (KZPT, Kansas City)
Henry Lake (WCCO, Minneapolis)
Annie Leamy (WCBS-FM, New York City)
Aricka McCauley (WOMC, Detroit)
Charley McCain (WSMW, Greensboro)
Mark Menard (WWL, New Orleans)
Trey Morgan (WOGL, Philadelphia)
Thomas “Jammer” Naylor (WEZB, New Orleans)
Dale O’Brian (WPAW, Greensboro)
David O’Leary (WMJX, Boston)
Erin O’Malley (WWBX, Boston)
Dermot O’Neil (WCBS-FM, New York City)
Greg Raneiri (KSON, San Diego)
Joe “Jeetz” Reder (KGON, Portland)
Adam Spolane (KILT-AM, Houston)
Jamie Tanchyk (KWJJ, Portland)
Tim Taylor (KGON, Portland)
Wilson Truong (KMOX, St. Louis)
Chris Tubbs (WCCO, Minneapolis)
Nikki Vivas (KZPT, Kansas City)
“DJ Raymond” (WHHL, St. Louis)
“J Love” (KMXB, Las Vegas)
“Shae Bae” (WHHL, St. Louis)
“Princess Stormm” (WHHL, St. Louis)
“Priestly” (WWMX, Baltimore)
Additionally, KNX (1070 AM, 93.1 FM) News Director Alex Silverman affirmed his intention to leave the station and the company by April. In an all-staff note sent to station employees on Thursday, Silverman said he was departing to pursue other opportunities, though he wasn’t sure what those were just yet. Silverman joined KNX in 2022 after serving in news-related roles at KYW (1060 AM, 103.9 FM) in Philadelphia and WCBS (880 AM, now WHSQ) in New York City. In January, Silverman led the KNX newsroom through around-the-clock coverage of the Southern California wildfires, which included some of the first on-the-scene reports from the blaze in the Pacific Palisades.
George Soros is set to become the largest shareholder of WIP and WPHT owner Audacy. Here’s what we know.
Soros’ investment fund has acquired about $415 million of Audacy’s senior debt, roughly 40%, according to court filings. There has been no indication Soros intends to influence the content of the radio stations owned by Audacy, which outside of WPHT only owns a handful of conservative talk radio stations. Several WPHT personalities have been outspoken critics of Soros, who is something of a boogeyman among conservatives for his support of liberal causes. Audacy CEO David Field said in a statement the bankruptcy moves would “enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business” Audacy was founded as Entercom Communications in 1968, and picked up most of its debt after merging with CBS Radio in 2017. Nationally, Audacy owns at least 230 radio stations and brands, making it the second-largest radio company in the United States, behind only iHeart Media. The company also decided not to renew its deal to broadcast Chicago Bears games on WIP, which saved the company $2 million to $3 million, according to the Business Journal.
The conservative radio hosts at 1210 WPHT might find themselves at odds with one of their new owners.
An investment firm owned by progressive philanthropist George Soros is set to become the largest shareholder to Audacy, the Philadelphia-based parent company of WPHT, 94.1 WIP, KYW NewsRadio 1060, and several other Philly radio stations.
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Soros’ investment fund has acquired about $415 million of Audacy’s senior debt, roughly 40%, which would make it the single largest shareholder of the company when it emerges from bankruptcy, according to court filings.
A bankruptcy court signed off on Audacy’s plan Tuesday, and the company now awaits Federal Communications Commission approval, which could take months. If approved, Audacy is expected to emerge from bankruptcy shedding more than $1.6 billion in debt.
Soros’ involvement is making some conservative pundits nervous, as the billionaire is known for supporting progressive causes and backing Democratic candidates. But there has been no indication Soros intends to influence the content of the radio stations owned by Audacy, which outside of WPHT only owns a handful of conservative talk radio stations, according to Andy Bloom, a former WIP program director turned consultant.
“It’s a long way from managing billion-dollar funds to programming local radio stations. It’s hard to imagine Soros getting involved in the day-to-day issues of radio stations,” Bloom wrote for Barrett News Media. “Audacy has enough problems now without trying to program its radio stations based on the political beliefs of one debtholder.”
Soros Fund Management operates separately from the Soros family’s philanthropic efforts, and Dawn Fitzpatrick, the fund’s CEO and chief investment officer, is a registered Republican. An Audacy spokesperson said the fund’s goal is to maximize returns on its investments.
Soros Fund Management did not respond to a request for comment.
Still, several WPHT personalities have been outspoken critics of Soros, who is something of a boogeyman among conservatives for his support of liberal causes. Philly native Mark Levin, whose nationally syndicated radio show airs on the station at night, recently called for Congress to investigate Soros and has referred to the billionaire as the “sugar daddy” of progressive politics.
WPHT station manager Greg Stocker declined to comment. Audacy CEO David Field said in a statement the bankruptcy moves would “enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.”
WPHT’s talk radio format dates back to 1996, when what was previously known as WGMP The Game ditched its remaining sports talk program to briefly become WPTS (We’re Philadelphia’s Talk Station) before switching permanently to WPHT. CNN host Michael Smerconish is arguably the biggest name to come out of WPHT, where he was a host for nearly a decade before leaving for SiriusXM in 2013.
WPHT’s current local lineup features longtime radio talker Dom Giordano, Rich Zeoli, Dawn Stensland, and former 97.5 The Fanatic host Nick Kayal. WPHT also broadcasts Penn State basketball games.
What does Audacy’s bankruptcy mean for WPHT and other radio stations?
Audacy was founded as Entercom Communications in 1968, and picked up most of its debt after merging with CBS Radio in 2017. Nationally, Audacy owns at least 230 radio stations and brands, making it the second-largest radio company in the United States, behind only iHeart Media.
At larger stations in Philadelphia like 94.1 WIP, the bankruptcy moves aren’t expected to have much day-to-day impact. There also haven’t been any immediate changes at WPHT or Audacy’s other stations in the city, which include New 96.5, B101, and 98.1 WOGL.
What remains unclear is how long that will last. Audacy went through layoffs in 2022 and put a cost-cutting plan in place last summer, which included recent cuts in its Pineapple Street podcast division. The company also decided not to renew its deal to broadcast Chicago Bears games, which saved the company $2 million to $3 million, according to the Philadelphia Business Journal. In Philadelphia, Audacy has deals to broadcast Eagles and Phillies games on WIP.
Ted Gavin, the managing director of Gavin/Solmonese, a bankruptcy and restructuring firm with offices in Wilmington, said the bankruptcy restructuring would save Audacy some money that would be going to service debt payments. But it “doesn’t make an unprofitable business suddenly profitable,” and more announcements related to cutting costs or raising revenue are possible.
“Where listeners are going to see a change is as the new owners look to increase revenue and dispose of costs, you’ll probably see the less-popular talent go away,” Gavin said. “You’ll also probably see some stations get sold, and that often means a change in format.”
Former WIP host Jon Marks cited the company’s financial situation as a reason he decided to leave the station and the top-rated sports talk show he cohosted with former Eagles linebacker Ike Reese and Jack Fritz. WIP is replacing Marks with Spike Eskin, the station’s former program director and the son of longtime sports talker Howard Eskin. It’s unclear when Eskin will join the station as Audacy looks to replace him as the program director of WFAN in New York City.