Audacy, US Radio and Podcast Company, Files for Bankruptcy with $2 Billion in Debts

Audacy, the largest radio and podcast company in the US, filed for bankruptcy with $2 billion in debts just six months after paying executives $3.2 million in bonuses. The company operates 227 radio stations and produces podcasts featuring celebrities like Stephen A. Smith, Dana Carvey, and David Spade. The bankruptcy filing comes after a decline in radio advertising and a report stating the company's debt was around $1.92 billion. Audacy's bankruptcy deal will reduce its debt load by about $1.6 billion and provide further financing, while the company aims to continue operations without interruption.