Billionaire financier George Soros is set to take a controlling stake in the second-biggest radio company in the United States after his investment firm acquired a massive chunk of the radio firm’s debt that will be converted to stock after it exits bankruptcy.
Soros Fund Management, the investment firm founded by Mr. Soros, owns more than $414 million of the highest-tier debt of Audacy Inc., a Philadelphia-based company that owns hundreds of radio stations, bankruptcy court filings show.
