The owner of WEEI and other Boston radio stations has received court approval to emerge from bankruptcy, with George Soros’ firm set to become the largest shareholder of the radio and podcast company.

Audacy had filed for prepackaged Chapter 11 bankruptcy at the start of the year following a drop of several billion dollars in radio ad spending.

Then on Tuesday, the U.S. Bankruptcy Court for the Southern District of Texas approved Audacy’s reorg plan — which includes George Soros’ investment firm becoming the biggest shareholder of Audacy. Soros Fund Management, founded by the billionaire backer of Democratic politicians and causes, has more than $414 million of Audacy’s debt, according to a recent court filing.

The company’s reorganization plan would cut more than $1.6 billion of Audacy’s debt.

With the court signing off on the plan, Audacy expects to emerge from Chapter 11 after the company gets approval from the Federal Communications Commission.

“Today’s announcement marks a powerful step forward for Audacy, positioning the Company for an exciting future,” David Field, chairman, president and CEO of Audacy, said in a statement. “As expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business.

“We aim to drive accelerated growth and financial performance, capitalizing on our scaled, leadership position, our uniquely differentiated premium audio content and the robust capital structure that we will have upon emergence,” Field added. “I also want to express my gratitude to our team, who continue their outstanding work to serve our listeners and customers with excellence and fulfill our commitments without missing a beat.”

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Under the court-approved plan, Audacy will equitize about $1.6 billion of funded debt — a 80% drop from about $1.9 billion to $350 million.

Soros Fund Management, a New York City-based investment manager for certain funds and accounts, has $279.8 million in term loans and $135 million in revolving credit.

Additional Audacy lenders named in the filing out of bankruptcy court include Goldman Sachs Asset Management, PGIM, SI Capital Commercial Finance, Solus Alternative Asset Management, and Mockingbird Credit Opportunities Company.

Other than WEEI, Boston radio stations under the Audacy umbrella include Mix 104.1 and Magic 106.7.