The New York Stock Exchange will welcome Audacy (NYSE: AUD) executives and guests today, Friday, April 9, 2021, to commemorate Audacy (NYSE: AUD)’s recent rebranding.
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boldnessThe radio and podcast giant announced Sunday that it has filed for Chapter 11 bankruptcy planning in Texas to reduce its debt.
The restructuring agreement will allow Audacy to reduce its total debt by 80% from approximately $1.9 billion to approximately $350 million, the company said.
“Over the past several years, we have strategically transformed Audacy into a leading large-scale, multiplatform audio content and entertainment company,” Audacy CEO David Field said in a statement. Stated.
But Mr Field added that a “perfect storm” of macroeconomic challenges over the past four years “that the traditional advertising market was facing” had led to a significant decline in radio advertising spending.
“These market factors have had a significant impact on our financial position, requiring us to restructure our balance sheet,” Field said.
The Philadelphia-based company owns hundreds of radio stations and is one of the top radio broadcasters in the United States. Audacy owns WFAN Sports Radio, New York’s 1010 WINS, and KCBS.
