The New York Stock Exchange welcomes executives and friends of Audacy (NYSE: AUD), right now, Friday, April 9,2021, in celebration of its latest company rebrand.
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Audacy, the radio and podcast large, stated Sunday it filed plans for Chapter 11 bankruptcy protection in Texas to cut back its debt.
The restructuring settlement will permit Audacy to slash its complete debt load by 80% to about $350 million from round $1.9 billion, the company stated.
“Over the previous few years, now we have strategically reworked Audacy into a number one, scaled multi-platform audio content material and leisure company,” David Field, CEO of Audacy, stated in an announcement.
However, Field added, “the proper storm” over the previous 4 years of macroeconomic challenges “going through the standard promoting market” led to a pointy discount in radio advert spending.
“These market components have severely impacted our monetary situation and necessitated our steadiness sheet restructuring,” Field stated.
The Philadelphia-based company owns a whole lot of radio stations and is among the high radio broadcasters within the U.S. Audacy owns WFAN Sports Radio, New York’s 1010 WINS and KCBS.
Correction: This article has been up to date to replicate that Audacy is the second-largest radio company within the U.S.
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