Audacy Inc. receives court approval to exit bankruptcy, reducing debt by $1.7bn, with Soros Fund Management becoming its largest stakeholder.

Radio giant Audacy Inc. has received court approval to exit bankruptcy, with George Soros' investment fund poised to become its largest stakeholder. Audacy will reduce its debt by nearly $1.7bn through its restructuring plan, with existing shareholders wiped out and high-ranking creditors, including Soros Fund Management, receiving stock in the restructured company. Following regulatory approval from the Federal Communications Commission, Audacy plans to emerge from bankruptcy.