Audacy walks away from bankruptcy; Soros group taking control

[Bloomberg-CNN] Audacy Inc., the bankrupt radio broadcaster, won regulatory approval for the transfer of its licenses to a nonprofit funded by billionaire George Soros, paving the way for the company to emerge from Chapter 11.

Under the restructuring approved by the court in February, the new, closely held company will be controlled by the Fund for Policy Reform, a Delaware nonprofit, according to an FCC filing Monday. It will be governed by a four-person board, including Alexander Soros, son of the billionaire investor.

The Philadelphia-based company has seen bottom-line growth, which it said has been accomplished via gains in revenue shares, increased digital revenue growth, audience share gains and expense reductions.

The audio giant will continue to be led by its current president and chief executive, David Field, as well as its existing management team.