NE Washington News

House Energy and Commerce Committee Chair Cathy McMorris Rodgers, alongside 40 Republican colleagues, has questioned the Federal Communications Commission (FCC) Chairwoman's decision to expedite a media deal. This deal permits the Fund for Policy Reform, associated with Democratic donor George Soros, to acquire over 200 radio stations weeks before the 2024 election.

The FCC's Democratic members voted 3-2 to temporarily waive the national security review required for such transactions. The waiver allows increased foreign ownership of American radio stations.

"It is highly concerning that the FCC did not follow regular order for a transaction of this magnitude," states an excerpt from a letter sent by McMorris Rodgers and her colleagues. They emphasize the need for certainty in FCC procedures to ensure resources for the broadcast industry.

Earlier this year, Audacy, Inc., which holds over 200 radio-station licenses, filed for bankruptcy. It was revealed that the Fund for Policy Reform had acquired at least 40 percent of Audacy’s debt. Post-bankruptcy estimates suggest that over 25 percent of Audacy's stock would be indirectly foreign-owned, triggering an FCC review process.

This process requires national security agencies to assess any potential policy or security concerns related to such transactions. However, on September 30, 2024, the FCC issued an Order delaying this review until after Audacy emerges from bankruptcy.

The decision has sparked controversy due to its timing just before a national election and its implications on foreign control of numerous U.S. radio stations.