Audacy Files Foreign-Ownership Petition

5% of the broadcaster. The Sept. 30 FCC order, (see 2409300046) granting Audacy permission to complete its bankruptcy restructuring before going through the agency’s foreign-ownership process, required that Audacy file its foreign-ownership petition within 30 days. A petition for reconsideration of that order was filed Tuesday (see 2410290054). The American company, Laurel Tree Opportunities, would remain Audacy’s single majority shareholder, according to Audacy’s petition. Funds associated with George Soros own Laurel Tree, which drew attention to Audacy’s initial foreign-ownership filing. “For avoidance of doubt, the group of non-U.S. equity holders for which specific approval is sought is entirely unrelated to Laurel Tree; Laurel Tree does not have any foreign ownership,” the petition said. After FCC approval of the foreign-ownership request, “foreign individuals and entities are expected to hold in the aggregate approximately 27.2 percent of the equity and approximately 31.4 percent of the voting interests in Audacy,” the petition said. “Reducing barriers to further investment in Audacy, including by allowing the company to pursue additional capital from non-U.S. investors, will enable it to allocate additional resources to programming and other initiatives.” The foreign ownership of Audacy “is held by several unrelated investors” who won’t have an attributable interest in Audacy and “as such would not be in a position to influence the company’s programming, access personal data, or play an active role in any of its station or related operations.”