(Bloomberg) -- Soros Fund Management is positioned to become the biggest shareholder of Audacy Inc. when the radio and podcast company emerges from bankruptcy. 

The investment firm founded by billionaire George Soros has scooped up more than $400 million of Audacy’s highest-ranking debt, bankruptcy court filings show. That makes it by far the biggest member of a group of lenders planning to swap their loans for stock in the broadcaster. 

“The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business,” Audacy said in a statement. 

Soros Fund Management and lawyers for the creditor group didn’t immediately respond to requests for comment. 

It’s just the latest media investment for Soros. The fund was part of a group of lenders that bought Vice Media out of bankruptcy last year and earlier took a minority stake in podcast company Crooked Media.

Audacy, the second-largest radio broadcaster in the US, filed for bankruptcy in January, crushed by some $1.9 billion of long-term debt. Including lease obligations and other commitments, the company reported $2.67 billion in debt at the time of the filing. The radio and podcast company counts New York’s 1010 WINS among its stations. 

Under Audacy’s bankruptcy plan, existing shareholders would be wiped out and high-ranking creditors would be repaid with stock in the restructured company. The proposal requires bankruptcy court approval. 

(Updates with details on debt in penultimate paragraph.)

©2024 Bloomberg L.P.