Audacy Inc., the bankrupt radio broadcaster, won regulatory approval for the transfer of its licenses to a nonprofit funded by billionaire George Soros, paving the way for the company to emerge from Chapter 11.

By all appearances, the FCC majority isn’t just expediting, but is bypassing an established process to do a favor for George Soros,' one congressman says.

Audacy can emerge from bankruptcy — and expects to do so within days — after gaining FCC approval Monday. The Federal Communications Commission on Monday approved the transfer of Audacy's business licenses to a group of creditors that includes a firm led by billionaire George Soros.