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Radio giant Audacy has filed for bankruptcy protection after falling advertising revenue.
The Philadelphia-based company, which oversees major podcast and radio businesses and acquired CBS Radio, filed for Chapter 11 in U.S. Bankruptcy Court for the Southern District of Texas following a reorganization agreement with a majority of its debtors. It was announced that a complaint had been filed.
The corporate logo of Audacy, Inc. is displayed on a screen on the floor of the New York Stock Exchange (NYSE) on May 16, 2023 in New York City, USA. (Reuters/Brendan McDiarmid/Reuters Photo)
The agreement will reduce the company's approximately $2 billion in debt by approximately 80%. Audacy said it expects the restructuring to position the company for long-term growth and does not expect it to have an impact on its business, trade or other unsecured creditors.
David J. Field, Audacy's chairman, president and CEO, said the company has faced a challenging environment in recent years as cumulative radio advertising spending has declined significantly by “billions of dollars.” Stated.
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“With our large scale leadership position, uniquely differentiated premium audio content, and strong capital structure, Audacy is well positioned to continue to innovate and grow in the dynamic audio business,” said Field. I believe that.''
Under the agreement announced Sunday, the debtor will receive shares in the company.
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The court will hold a hearing to consider planning approval in February.
