"Radio Powerhouse Audacy Seeks Chapter 11 Bankruptcy Amid Financial Struggles"
TL;DR Summary
Audacy, a major U.S. radio and podcast company, has filed for Chapter 11 bankruptcy protection to cut down its debt by 80%, reducing it to approximately $350 million from $1.9 billion. The company's CEO, David Field, cited a "perfect storm" of economic challenges and a decline in traditional advertising revenue as the reasons for the financial strain. Audacy, which owns numerous radio stations including prominent ones like WFAN Sports Radio and New York's 1010 WINS, aims to restructure its balance sheet through this process.
- Largest U.S. radio company Audacy files for bankruptcy protection CNBC
- Radio Giant Audacy — Owner of KROQ and KCBS — Files for Bankruptcy Hollywood Reporter
- Radio Conglomerate Audacy Files for Chapter 11 Bankruptcy Protection Variety
- Radio Broadcaster Audacy Files for Bankruptcy - WSJ The Wall Street Journal
- Radio station owner Audacy files for Chapter 11 bankruptcy protection KAKE
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