George Soros’ investment firm is expected to become the largest shareholder of Audacy, the bankrupt owner of WEEI and other Boston radio stations.

Soros Fund Management, founded by the billionaire backer of Democratic politicians and causes, now has more than $414 million of Audacy’s debt, according to a court filing this week.

The Soros investment firm appeared on a list of Audacy’s lenders in the filing out of U.S. Bankruptcy Court for the Southern District of Texas. Bloomberg was the first to report on Soros Fund Management and Audacy.

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.

The owner of WEEI and other Boston radio stations filed for prepackaged Chapter 11 bankruptcy at the start of the year, as the company’s leader blamed a “perfect storm” of financial challenges sparking a drop of several billion dollars in radio ad spending.

Meanwhile, the company entered into a restructuring agreement with a supermajority of its debtholders.

“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,” an Audacy spokesperson said in a statement on Wednesday.

“We expect to emerge from our restructuring process with a strong capital structure and well-positioned to capitalize on our strategic transformation into a scaled leading multi-platform audio content and entertainment company,” the spokesperson added. “We intend to continue running our business, executing our strategy and delivering for our listeners and advertisers as we always do.”

Related Articles

WEEI Red Sox announcer Will Flemming strikes out on White Sox TV job

Who will fill the third chair on 98.5’s Zolak and Bertrand? Tony Massarotti gives his thoughts, Mike Felger comments on Mark Dondero joining station

Radio host Mark Dondero is joining 98.5 The Sports Hub, leaving WEEI

WEEI Red Sox announcer Will Flemming is reportedly a finalist for a TV position

Jim Murray says 98.5’s Beasley is picking up his option, Mike Felger comments on Audacy bankruptcy

Audacy is the parent company of WEEI, which has fallen well behind 98.5 The Sports Hub in ratings over the last several years. Other Boston radio stations under the Audacy umbrella include Mix 104.1 and Magic 106.7.

Audacy anticipates that it will emerge from bankruptcy once regulatory approval is obtained from the Federal Communications Commission.

Other 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.