Radio Giant Audacy, Files for Bankruptcy Protection.
Audacy, which owns over 200 radio stations around the country, filed for Chapter 11 bankruptcy protection in the Southern District of Texas on Jan.
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David Field, CEO of Audacy, issued a statement.
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, David Field, CEO of Audacy, via statement.
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, David Field, CEO of Audacy, via statement.
Those challenges "severely impacted our financial condition and necessitated our balance sheet restructuring," Field said.
Filing for Chapter 11 bankruptcy protection will allow the Philadelphia-based company to cut its debt load by about 80%, CNBC reports.
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That would bring its total debt load from approximately $1.9 billion to $350 million if approved by the court.
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Audacy is considered to be "one of the top radio broadcasters in the U.S," CNBC reports.
It is second only to iHeartMedia, according to CNBC.
Some of its most notable stations include L.A.'s KROQ and New York's 1010 WINS and WFAN Sports Radio
