The recent rescue of Audacy from bankruptcy by Soros Management Group marks the latest instance of private equity takeovers in the U.S. media sector and the continued decline of corporate radio.
Exploring the strategies of these firms within the financial landscape, the article delves into their aggressive expansion into media ownership, addressing public interest concerns tied to the frenzied buyout market, profit maximization, and the substantial debt burdens on acquired firms. The challenges posed by private equity to effective media regulation are discussed, alongside a comparison with corporate media ownership models.
The U.S. media sector has deep roots in private ownership, influenced by structures that prioritize profitability. Concentration and corporatization in media ownership pose documented threats to public interest obligations, leading to issues such as hypercommercialism, declining localism, lack of diversity, and weakened journalism. While existing scholarship focuses on corporate media ownership, the last decade has seen a surge in non-corporate financial institutions, particularly elite private equity firms, investing in the U.S. media sector.
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