Radio Network Audacy Completes Financial Restructuring #

Audacy, a major radio network, has announced the completion of its financial restructuring. The company has successfully reduced its funded debt by 80%, from approximately $1.9 billion to $350 million.

The Philadelphia-based company reports bottom-line growth, attributed to gains in revenue shares, increased digital revenue growth, audience share gains, and expense reductions.

The current president and chief executive, along with the existing management team, will continue to lead the audio giant.

In a statement, the CEO expressed optimism about the company’s future, highlighting Audacy’s position as a scaled, multi-platform audio leader. He emphasized the company’s exclusive, premium audio content, including its leadership in sports audio, and its focus on accelerating innovation and digital transformation.

Audacy has indicated that it expects to become a private company.

Background #

The company filed for Chapter 11 bankruptcy in January and disclosed entering a restructuring agreement to reduce its debt. The radio company operates hundreds of music, news, and sports radio stations across the United States.

Audacy, founded in 1968 as Entercom Communications, merged with CBS Radio in 2017. It operated as Radio.com before rebranding as Audacy in 2021.

The company’s restructuring process has involved various financial and regulatory steps, including interactions with the Federal Communications Commission (FCC) regarding ownership and licensing matters.

As Audacy moves forward with its restructured operations, it aims to capitalize on its position in the audio industry and continue providing content to its listeners across multiple platforms.