Audacy, Inc., originally established as Entercom Communications Corp. in 1968, is a prominent American broadcasting company headquartered in Philadelphia, Pennsylvania.
As the second-largest radio company in the United States, Audacy owns and operates 235 radio stations distributed across 48 media markets.
In November 2017, Audacy underwent a merger with CBS Radio. The merger was executed as an exchange offer, enabling owners of CBS Corporation common shares to exchange their shares for Entercom shares, resulting in a 72% ownership stake in the combined company.
Regrettably, on January 7, 2024, Audacy disclosed its filing for Chapter 11 bankruptcy, attributing the decision to a substantial debt burden amounting to approximately $1.9 billion.
Through the restructuring, Audacy and its debtholders will undertake a deleveraging transaction to equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million.
“Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company through our acquisition of CBS Radio and by building leading complementary positions in podcasting, audio networks, live events, digital marketing solutions and our direct-to-consumer streaming platform,” said David J. Field, Chairman, President and CEO of Audacy. “While our transformation has enhanced our competitive position, the perfect storm of sustained macroeconomic challenges over the past four years facing the traditional advertising market has led to a sharp reduction of several billion dollars in cumulative radio ad spending. These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring. With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business.”
About Audacy
Audacy, Inc. is a leading multi-platform audio content and entertainment company that connects with 200 million consumers. Powered by its exclusive, premium audio content that includes unrivaled leadership positions in news and sports radio, Audacy operates one of the country’s two scaled radio broadcasting groups, a rapidly growing direct-to-consumer digital audio platform, multiple audio networks, a major event business and a leading, award-winning podcast studio.
