The next step in Audacy’s financial restructuring is in the hands of the Federal Communications Commission. The company has petitioned the FCC to allow it to increase its foreign ownership levels to 49.99% as several of its new investors plan to convert warrants issued during the earlier approval process to direct equity.
Laurel Tree Opportunities, a financial firm with ties to billionaire George Soros, will remain the biggest shareholder when the dust settles. Laurel Tree currently holds 64% of the shares, and if the FCC goes along with the next step, Laurel Tree will remain its biggest shareholder.
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