Largest U.S. radio firm Audacy information for chapter safety
The New York Inventory Trade welcomes executives and company of Audacy (NYSE: AUD), as we speak, Friday, April 9,2021, in celebration of its current firm rebrand.
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Audacy, the radio and podcast large, mentioned Sunday it filed plans for Chapter 11 chapter safety in Texas to cut back its debt.
The restructuring settlement will enable Audacy to slash its whole debt load by 80% to about $350 million from round $1.9 billion, the corporate mentioned.
“Over the previous few years, we have now strategically remodeled Audacy into a number one, scaled multi-platform audio content material and leisure firm,” David Area, CEO of Audacy, mentioned in an announcement.
Nevertheless, Area added, “the right storm” over the previous 4 years of macroeconomic challenges “going through the normal promoting market” led to a pointy discount in radio advert spending.
“These market elements have severely impacted our monetary situation and necessitated our steadiness sheet restructuring,” Area mentioned.
The Philadelphia-based firm owns a whole bunch of radio stations and is likely one of the high radio broadcasters within the U.S. Audacy owns WFAN Sports activities Radio, New York’s 1010 WINS and KCBS.
