Audacy, the Second-largest U.S. Radio Company, Files for Bankruptcy Protection to Reduce Debt

Audacy, the second-largest radio company in the United States, announced on Sunday, January 7, 2024, that it had filed plans for Chapter 11 bankruptcy protection in Texas. The company aims to reduce its total debt load by approximately 80%, slashing it from around $1.9 billion to about $350 million.

David Field, Audacy’s CEO, stated in a company release that the transformation of Audacy into a leading, scaled multi-platform audio content and entertainment company had been strategic over the past few years. However, he acknowledged that macroeconomic challenges facing the traditional advertising market had led to a sharp reduction in radio ad spending, severely impacting the company’s financial condition and necessitating the balance sheet restructuring.

Audacy owns hundreds of radio stations and is one of the top radio broadcasters in the U.S. Some of its notable stations include WFAN Sports Radio, New York’s 1010 WINS, and KCBS.

The company’s filing comes after a recent celebration of its rebrand at the New York Stock Exchange on April 9, 2021.

This article has been updated to reflect that Audacy is the second-largest radio company in the U.S.

Stay tuned for more updates on this developing story.

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