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.

The US House Committee on Oversight and Accountability is opening an investigation on the FCC over George Soros' potential stake in Audacy.

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.

The decision has drawn criticism from Republicans, who say the FCC broke with established procedure to push the deal through.