All articles tagged with #radio industry
Howard Stern's future at SiriusXM is the subject of media speculation amid contract renewal talks, with SiriusXM promoting a special reveal on September 2 to address rumors of his potential departure, amidst broader industry challenges and strategic shifts.
Audacy, owner of WBBM Newsradio and other Chicago radio stations, has filed for Chapter 11 bankruptcy in an effort to reduce its $1.9 billion debt to $350 million. The company attributes its financial struggles to pandemic-induced conditions, such as reduced listenership and ad spending. The bankruptcy filing aims to restructure debt and provide equity to debt-holders in exchange for long-term loans. Despite the filing, Audacy plans to continue its operations and digital transformation without disruptions to employee wages or benefits.
Audacy, the second largest radio chain in the U.S., including major Chicago stations like WBBM-AM 780 and WXRT-FM 93.1, filed for Chapter 11 bankruptcy to reduce nearly $2 billion in debt, largely stemming from its 2017 merger with CBS Radio. The company aims to convert long-term loans to equity stakes, reducing its debt to $350 million pending court approval. Despite revenue declines and pandemic challenges, Audacy reassures employees that it will be "business as usual" for its radio stations during the bankruptcy process, with no disruption to wages and benefits.