The New York Stock Exchange invites executives and visitors of Audacy (NYSE: AUD), today, Friday, April 9,2021, in event of its current business rebrand.
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Audacy, the radio and podcast giant, stated Sunday it submitted prepare for Chapter 11 personal bankruptcy security in Texas to decrease its financial obligation.
The restructuring arrangement will permit Audacy to slash its overall financial obligation load by 80% to about $350 million from around $1.9 billion, the business stated.
“Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company,” David Field, CEO of Audacy, stated in a declaration.
However, Field included, “the perfect storm” over the previous 4 years of macroeconomic difficulties “facing the traditional advertising market” resulted in a sharp decrease in radio advertisement costs.
“These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring,” Field stated.
The Philadelphia- based business owns numerous radio stations and is among the leading radio broadcasters in the U.S. Audacy owns WFAN Sports Radio, New York’s 1010 WINS and KCBS.
