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Radio Industry

All articles tagged with #radio industry

business2 years ago

"Radio Group Audacy Files for Bankruptcy, Raising Questions About Future"

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.

business-media2 years ago

"Radio Giant Audacy Files for Chapter 11 Bankruptcy Amid Advertising Decline"

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.