"Radio Powerhouse Audacy Files for Chapter 11, Strikes Deal to Slash Debt"
TL;DR Summary
Audacy, a major U.S. radio company and owner of iconic stations like KROQ and KCBS, has filed for Chapter 11 bankruptcy protection. The company, which emerged from a merger between Entercom and CBS Radio in 2017, plans to reduce its debt by approximately 80%, from $1.9 billion to $350 million, through a restructuring agreement with its debt holders. Despite the bankruptcy, Audacy expects no operational impact and aims to continue its growth in the audio business, leveraging its multi-platform content and entertainment offerings.
Topics:business##audacybankruptcy#business-and-finance#chapter11#debtrestructuring#mediacompanies#radioindustry
- Radio Giant Audacy — Owner of KROQ and KCBS — Files for Bankruptcy Hollywood Reporter
- Audacy Agrees To Restructuring With Debt Holders; Files For Chapter 11 Bankruptcy Protection RadioInsight
- Radio Conglomerate Audacy Files for Chapter 11 Bankruptcy Protection Variety
- Radio Broadcaster Audacy Files for Bankruptcy - WSJ The Wall Street Journal
- Audacy Reaches Agreement with a Supermajority of its Debtholders on Balance Sheet Deleveraging Transaction that Will Equitize Over 80% of the Company's Debt and Establish a Robust Capital Structure to Drive Long-Term Growth Yahoo Finance
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