Hungarian–American billionaire and major Democratic Party donor George Soros will buy a stake in the media company Audacy, giving his investment firm control over more than 200 radio stations across 40 markets just ahead of the presidential election. 

Republicans have criticized the Federal Communications Commission’s review process for the sale, with one Republican-appointed FCC commissioner saying the acquisition is in violation of federal law. 

The FCC approved the sale of some of Audacy’s debts to Soros Fund Management — the billionaire’s private investment firm — on Monday by a vote of three to two. 

The Soros-owned firm was granted a waiver to avoid the foreign ownership national security assessment for the time being, though they have agreed to submit a petition to have the full review within the next 30 days. The review itself could take as long as six months. 

Mr. Soros’s son, Alexander Soros — who recently hosted Governor Walz at his Manhattan home for a fundraiser — will serve as a trustee during Audacy’s bankruptcy proceedings, along with three others. 

The chairwoman of the FCC, Jessica Rosenworcel, included a statement accompanying the memo explaining the sale approval. She said that, despite objections from other commissioners, there are a few instances of previous expedited sales of media companies. 

One Republican appointee at the FCC, Brendan Carr, disagreed, however. He issued a statement along with the FCC decision arguing that the sale is precedent-setting and in violation of federal law. He has spoken out against the potential investment since it was first proposed earlier this year. 

“The Commission’s decision today is unprecedented. Never before has the Commission voted to approve the transfer of a broadcast license — let alone the transfer of broadcast licenses for over 200 radio stations across more than 40 markets — without following the requirements and procedures codified in federal law,” Mr. Carr writes. “Not once.”

The commissioner says that the FCC did not go through the mandated public comment period and national security review that is required when a foreign investor seeks to purchase more than 25 percent of an American media company. Mr. Soros, a Hungarian national, would be subject to such a national security review under normal procedure, Mr. Carr argues, though his colleagues at the commission have decided to expedite the sale without such a review. 

“The Applicants provide the Commission with virtually no information at all about their plans to wall off the unvetted foreign interests,” Mr. Carr says. “How can the Commission be sure that those interests will be isolated for the time being when today’s decision offers no specifics about those protections?”

Last week, the House Oversight Committee launched an investigation into the FCC’s “expedited” approval for the Audacy–Soros deal, arguing that Congress has a compelling interest in understanding why a foreign national deserves such favorable treatment. 

“By all appearances, the FCC majority isn’t just expediting, but is bypassing an established process to do a favor for George Soros and facilitate his influence over hundreds of radio stations before the November election,” the chairman of the committee, Congressman James Comer, wrote to Ms. Rosenworcel.