With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business.”Īudacy said it expects to “continue operating its business in the ordinary course without disruption to its advertisers, vendors, partners or employees. “These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring. “While our transformation has enhanced our competitive position, the perfect storm of sustained macroeconomic challenges over the past four years facing the traditional advertising market has led to a sharp reduction of several billion dollars in cumulative radio ad spending,” Field said in a statement. Audacy expects the court to hold a hearing to consider the approval of the bankruptcy plan in February and that the company will emerge from bankruptcy once regulatory approval is obtained from the FCC.ĭavid Field, Audacy’s chairman, president and CEO, cited a “perfect storm” of macroeconomic challenges for the bankruptcy reorg. Audacy’s debtholders will receive equity in reorganized company. 7 after reaching an agreement with a supermajority of its debtholders. ![]() Bankruptcy Court for the Southern District of Texas on Jan. The Philadelphia-based company said it filed prepackaged Chapter 11 proceedings in the U.S. Through the restructuring, Audacy expects to eliminate about $1.6 billion of funded debt - a 80% reduction from approximately $1.9 billion - to $350 million. ![]() The company’s stations include L.A.’s KROQ, KNX and KRTH New York’s WFAN sports-talk radio and 1010 WINS Atlanta’s V-103 (WVEE) and 92.9 The Game (WZGC) Chicago’s Newsradio 780 WBBM and 670 The Score (WSCR) San Francisco’s Alice (KLLC) and KCBS and Seattle’s KISW. (after iHeartMedia) with 235 owned radio stations across 48 markets. Audacy, the troubled radio and audio-streaming company, said Sunday it filed plans for Chapter 11 bankruptcy reorganization to slash its debt.Īudacy is the second-largest radio broadcaster in the U.S.
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