Federal Communications Commission (FCC) Chairman Brendan Carr is expected to update lawmakers on an ongoing review related to the ownership structure of a major U.S. radio station operator, Audacy.

The update, scheduled during a private meeting with members of Congress, will cover concerns regarding the involvement of Soros Fund Management, an investment firm that recently acquired a significant portion of Audacy’s debt. Audacy is one of the largest radio station owners in the country, operating over 200 stations nationwide.

The FCC’s attention to the matter centers on the firm’s level of foreign ownership and whether the acquisition complied with existing regulations. FCC rules generally require an additional layer of scrutiny when foreign ownership in a broadcast licensee exceeds 25%.

During earlier discussions with lawmakers, Carr expressed concerns that the standard review process may not have been fully followed in this case, and that the approval was expedited without the usual foreign ownership review.

The transaction, part of a Chapter 11 bankruptcy restructuring for Audacy, could result in a significant shift in control over hundreds of local radio stations across more than 40 U.S. markets. The FCC approved the restructuring plan shortly before the 2024 presidential election.

As the deal proceeds, several members of Congress have requested further information on the FCC’s process and whether regulatory guidelines were properly upheld. The FCC has not commented publicly on the outcome of its internal review, but officials indicate that updates will be shared once assessments are complete.

This development highlights broader concerns within the federal government about media ownership, market concentration, and the regulatory procedures that govern acquisitions in the broadcast industry.