George Soros is set to become the largest shareholder of WIP and WPHT owner Audacy. Here’s what we know.

The conservative radio hosts at 1210 WPHT might find themselves at odds with one of their new owners.

An investment firm owned by progressive philanthropist George Soros is set to become the largest shareholder to Audacy, the Philadelphia-based parent company of WPHT, 94.1 WIP, KYW NewsRadio 1060, and several other Philly radio stations.

Soros’ investment fund has acquired about $415 million of Audacy’s senior debt, roughly 40%, which would make it the single largest shareholder of the company when it emerges from bankruptcy, according to court filings.

A bankruptcy court signed off on Audacy’s plan Tuesday, and the company now awaits Federal Communications Commission approval, which could take months. If approved, Audacy is expected to emerge from bankruptcy shedding more than $1.6 billion in debt.

Soros’ involvement is making some conservative pundits nervous, as the billionaire is known for supporting progressive causes and backing Democratic candidates. But there has been no indication Soros intends to influence the content of the radio stations owned by Audacy, which outside of WPHT only owns a handful of conservative talk radio stations, according to Andy Bloom, a former WIP program director turned consultant.

“It’s a long way from managing billion-dollar funds to programming local radio stations. It’s hard to imagine Soros getting involved in the day-to-day issues of radio stations,” Bloom wrote for Barrett News Media. “Audacy has enough problems now without trying to program its radio stations based on the political beliefs of one debtholder.”

Soros Fund Management operates separately from the Soros family’s philanthropic efforts, and Dawn Fitzpatrick, the fund’s CEO and chief investment officer, is a registered Republican. An Audacy spokesperson said the fund’s goal is to maximize returns on its investments.

Soros Fund Management did not respond to a request for comment.

Still, several WPHT personalities have been outspoken critics of Soros, who is something of a boogeyman among conservatives for his support of liberal causes. Philly native Mark Levin, whose nationally syndicated radio show airs on the station at night, recently called for Congress to investigate Soros and has referred to the billionaire as the “sugar daddy” of progressive politics.

WPHT station manager Greg Stocker declined to comment. Audacy CEO David Field said in a statement the bankruptcy moves would “enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.”

WPHT’s talk radio format dates back to 1996, when what was previously known as WGMP The Game ditched its remaining sports talk program to briefly become WPTS (We’re Philadelphia’s Talk Station) before switching permanently to WPHT. CNN host Michael Smerconish is arguably the biggest name to come out of WPHT, where he was a host for nearly a decade before leaving for SiriusXM in 2013.

WPHT’s current local lineup features longtime radio talker Dom Giordano, Rich Zeoli, Dawn Stensland, and former 97.5 The Fanatic host Nick Kayal. WPHT also broadcasts Penn State basketball games.

Audacy was founded as Entercom Communications in 1968, and picked up most of its debt after merging with CBS Radio in 2017. Nationally, Audacy owns at least 230 radio stations and brands, making it the second-largest radio company in the United States, behind only iHeart Media.

At larger stations in Philadelphia like 94.1 WIP, the bankruptcy moves aren’t expected to have much day-to-day impact. There also haven’t been any immediate changes at WPHT or Audacy’s other stations in the city, which include New 96.5, B101, and 98.1 WOGL.

What remains unclear is how long that will last. Audacy went through layoffs in 2022 and put a cost-cutting plan in place last summer, which included recent cuts in its Pineapple Street podcast division. The company also decided not to renew its deal to broadcast Chicago Bears games, which saved the company $2 million to $3 million, according to the Philadelphia Business Journal. In Philadelphia, Audacy has deals to broadcast Eagles and Phillies games on WIP.

Ted Gavin, the managing director of Gavin/Solmonese, a bankruptcy and restructuring firm with offices in Wilmington, said the bankruptcy restructuring would save Audacy some money that would be going to service debt payments. But it “doesn’t make an unprofitable business suddenly profitable,” and more announcements related to cutting costs or raising revenue are possible.

“Where listeners are going to see a change is as the new owners look to increase revenue and dispose of costs, you’ll probably see the less-popular talent go away,” Gavin said. “You’ll also probably see some stations get sold, and that often means a change in format.”

Former WIP host Jon Marks cited the company’s financial situation as a reason he decided to leave the station and the top-rated sports talk show he cohosted with former Eagles linebacker Ike Reese and Jack Fritz. WIP is replacing Marks with Spike Eskin, the station’s former program director and the son of longtime sports talker Howard Eskin. It’s unclear when Eskin will join the station as Audacy looks to replace him as the program director of WFAN in New York City.