Federal Communications Commission (FCC) Chairman Brendan Carr is scheduled to update lawmakers on an ongoing review of a major media acquisition involving over 200 local radio stations across the country.

The stations, previously operated by Audacy, were recently acquired through a large investment deal as part of a Chapter 11 reorganization. The acquiring firm seeks control of more than 200 stations in 40 markets, potentially reaching an audience of up to 165 million Americans.

The deal has drawn attention due to questions surrounding regulatory procedures and foreign investment thresholds. Under current FCC rules, companies with more than 25% foreign ownership must follow a specific review process before receiving approval.

Chairman Carr has raised concerns that this standard process may have been altered or bypassed in this case. “We’ve built a reliable process for ownership reviews,” Carr noted during earlier testimony. “It’s important that any exceptions are fully explained and justified to maintain transparency and trust.”

The FCC is expected to continue examining the structure of the transaction, including any implications it might have for media access, competition, and public interest.

This review is part of the FCC’s broader effort to ensure fairness and integrity in media ownership, especially as the industry sees increasing consolidation and rapid technological changes.