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 defense in Texas to minimize 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 previous couple of years, we have actually tactically changed Audacy into a leading, scaled multi-platform audio material and home entertainment business,” David Field, CEO of Audacy, stated in a declaration.
Nevertheless, Field included, “the best storm” over the previous 4 years of macroeconomic difficulties “dealing with the standard marketing market” caused a sharp decrease in radio advertisement costs.
” These market aspects have actually significantly affected our monetary condition and demanded 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 city’s 1010 WINS and KCBS.