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Radioindustry

All articles tagged with #radioindustry

business-and-finance2 years ago•0 min saved

"Radio Powerhouse Audacy Seeks Chapter 11 Bankruptcy Amid Financial Struggles"

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.

via CNBC|

##audacy #bankruptcy

business-and-finance2 years ago•2 min saved

"Radio Powerhouse Audacy Files for Chapter 11, Strikes Deal to Slash Debt"

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.

via Hollywood Reporter|

##audacybankruptcy #business-and-finance