Audacy, one of the largest radio and podcast companies in the U.S. announced that it has filed for Chapter 11 bankruptcy protection in Texas. The Sunday announcement says that its current restructuring will decrease its total debt by a large percentage. A company statement mentioned the challenges faced by the Philadelphia-based giant radio broadcaster.
Audacy filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas. It said that it had reached agreements with many of its debt holders. It reported that its restructuring plan would allow its debt to remain at roughly $350 million. It said that this would be a massive 80 percent decrease in debt as the radio broadcaster has a debt of about $1.9 billion.
The Philadelphia-based radio broadcast is one of the top radio and podcast companies in the U.S. It has launched the careers of many celebrity hosts and comedians some of whom include Jimmy Kimmel, Dr. Drew Pinksy, and many others.
Audacy owns more than 200 radio stations across the nation. It also owns digital radio channels and is in partnership with entertainment giants including Warner Bros Discovery as well as Bloomberg LP. Some of its most popular stations include the following:
WFAN Sports Radio
WCBS
1010 WINS
KROQ
KNX and
KCBS.
David Field, CEO of Audacy, released a statement that said that the company had been “strategically transformed” and had become a content and entertainment company. He also said that it had become a leader in its field and had also expanded in the years.
He added that “macroeconomic challenges” in recent years had led to a drastic decline in ad spending on radio. The company has seen a decline in spending as the “traditional advertising market” has faced challenges. The company reportedly lost billions of dollars “in cumulative radio ad spending.”
He added that current and past market factors had a severe impact on the financial conditions of the giant broadcaster and so they had to restructure their balance sheet.
The bankruptcy court will schedule a hearing to consider the approval of the plan filed by Audacy in February.
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