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WWL AM radio was part of Odyssey, a national company that found itself in financial distress, burdened with approximately $1.9 billion in debt. Unable to meet its financial obligations, Odyssey filed for Chapter 11 bankruptcy, initiating a process to reorganize its debts. Soros stepped in at this juncture, purchasing around $415 million of this debt. A unique arrangement was made that allowed Soros to become the largest individual shareholder in the company, thereby gaining influence over several radio stations, WWL included.