The New York Inventory Alternate welcomes executives and friends of Audacy (NYSE: AUD), right now, Friday, April 9,2021, in celebration of its latest 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 scale 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 reworked Audacy into a number one, scaled multi-platform audio content material and leisure firm,” David Discipline, CEO of Audacy, mentioned in a press release.
Nevertheless, Discipline added, “the proper storm” over the previous 4 years of macroeconomic challenges “dealing with 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,” Discipline mentioned.
The Philadelphia-based firm owns lots of of radio stations and is without doubt one of the prime radio broadcasters within the U.S. Audacy owns WFAN Sports activities Radio, New York’s 1010 WINS and KCBS.
Correction: This text has been up to date to replicate that Audacy is the second-largest radio firm within the U.S.
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