WEEI's bankrupt owner Audacy wins FCC approval to transfer licenses to a George Soros-backed nonprofit

Facing widespread opposition, the FCC has given WEEI owner Audacy the green light to transfer its licenses to a George Soros-backed nonprofit after the company emerges from bankruptcy.

The FCC's approval came Monday about seven months after the U.S. Bankruptcy Court for the Southern District of Texas approved Audacy's restructuring plan – which called for Soros' investment firm to become Audacy's largest shareholder. Soros is the billionaire supporter of Democratic politicians and causes.

The company's restructuring plan will reduce more than $1.6 billion of Audacy's debt – an 80% reduction from $1.9 billion to $350 million. Audacy has more than 200 local radio stations, including WEEI, whose ratings have declined sharply in recent years.

The FCC's decision on Monday was rejected by two commissioners who criticized the license transfer timeline.

“Today’s decision by the Commission is unprecedented,” Commissioner Brendan Carr wrote in his dissent. “Never before has the Commission voted to authorize the transfer of a broadcast license – let alone the transfer of broadcast licenses for over 200 radio stations in more than 40 markets – without following the requirements and procedures codified in federal law.

“Not once,” he added. “And yet today the Commission is breaking new ground without seeking public comment on changing our existing rules, without actually changing the existing rules, and without seeking feedback from other federal agencies with relevant interests.”

But FCC Chairwoman Jessica Rosenworcel called that approval an “identical” process to the one the agency recently used in the bankruptcy proceedings of Cumulus Media in 2018, iHeart Media in 2019 and others.

“To claim otherwise is cynical and wrong, as this precedent clearly shows,” the chairwoman added. “Our practice here and in these previous cases is designed to facilitate the rapid and orderly exit from insolvency of a company that is a licensee within the meaning of the Communications Act.”