A spokesperson for Soros Fund Management issued a sharp rebuttal Wednesday to comments made by former Audacy chairman and interim CEO David J. Field Warshaw, who criticized the firm’s involvement in the company’s bankruptcy exit plan. The statement marks an unusual public clash over the future of the second-largest radio group in the United States.
“We remain confident in the integrity and fairness of the restructuring process,” the spokesperson said, pushing back on Warshaw’s assertion that the fund exerted undue influence over the appointment of Audacy’s new CEO, Mike Dee. Warshaw had earlier raised concerns about what he called a “pre-arranged leadership outcome” shaped by the investment group’s debt holdings.
The dispute centers on the reorganization plan that allowed Audacy to emerge from Chapter 11 bankruptcy in April, handing over equity control to a group of lenders that included Soros Fund Management. Under the plan, David Field, who led Audacy and its predecessor Entercom for two decades, stepped down, and the board approved Dee’s appointment as chief executive.
Warshaw, who briefly held the chairman and interim CEO title following Field’s departure, claimed in a letter leaked last week that he had not been consulted on Dee’s hiring and questioned the transparency of the process. The Soros team rejected that narrative, describing the board’s actions as “well within their fiduciary duty” and adding that Dee was chosen after “a rigorous review of qualified candidates.”
Industry observers say the fallout could complicate Audacy’s attempt to rebuild confidence with advertisers and shareholders. Dee, a former executive with the San Diego Padres and Red Sox, brings sports media experience but lacks a background in traditional radio. That, Warshaw implied, made him a “non-obvious choice” to lead a broadcaster with more than 200 stations.
In its response, Soros Fund Management expressed full confidence in Dee’s leadership, noting that his digital-first strategy aligns with where audio consumption is headed. “This is about transformation, not nostalgia,” the statement read.
Neither Warshaw nor Audacy offered additional comment. Dee, who officially assumed his role on July 1, is expected to outline his vision for the company in a town hall with employees later this month.