Radio Station Owner Audacy Files Chapter 11
As reported in USA Today https://www.usatoday.com/story/money/business/2024/01/08/audacy-radio-bankruptcy/72147915007/ and many outlets:
Radio giant Audacy announced that it plans to file for Chapter 11 bankruptcy, on Sunday.
The company, which owns more than 200 stations across the U.S., announced in a news release it agreed to a prepackaged restructuring support agreement (RSA) with a supermajority of its debt-holders that will allow it to reduce its debt. The company says the plan would reduce its debt by 80% from around $1.9 billion to about $350 million.
Under this agreement, debtholders will receive equity in the reorganized company.
"Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company," said David Field, CEO of Audacy.
Do you listen to the radio? Your AC submitter still enjoys having music chosen by a pro -- but there are fewer and fewer high quality DJs around to fill that role...and probably even fewer job slots available in this era of corporate radio.
Best anthem to radio? https://www.youtube.com/watch?v=RAUUVYZ-z7A
or an intense (but partial) version from Saturday Night Live, https://www.youtube.com/watch?v=eD_24nDzkeo
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