Audacy has filed a petition with the FCC seeking to raise its foreign ownership cap from the standard 25% to 49.99% amid concerns from GOP lawmakers regarding foreign influence following the company’s Chapter 11 restructuring. The petition requests permission for foreign individuals and entities to hold significant equity and voting interests, while ensuring that Laurel Tree Opportunities Corporation, a U.S.-based entity, remains the majority shareholder. The request comes in light of Republican scrutiny over the connection to billionaire donor George Soros. Audacy argues that increasing the cap would enhance its access to capital for programming and competitiveness, while addressing national security concerns. The FCC will review the petition amid these political sensitivities.