Audacy Files for Chapter 11 Bankruptcy Amid Advertising Revenue Decline

Radio Broadcaster to Reduce Debt from $1.9B to $350M in Restructuring Agreement

Audacy, one of the largest radio broadcasters in the U.S., has filed for Chapter 11 bankruptcy protection to reduce its debt from $1.9 billion to $350 million.
The company attributes its financial struggles to a 'perfect storm' of macroeconomic challenges over the past four years that led to a sharp reduction in radio ad spending.
Audacy has reached a restructuring agreement with a supermajority of its debtholders, who will receive equity in the reorganized company.
The company expects to continue its operations during the bankruptcy proceedings and does not anticipate any disruptions to its business.
Audacy's shares, which were delisted from the New York Stock Exchange in November 2023, are expected to be canceled as part of the restructuring.