Audacy's Chapter 11 Filing: A New Beginning for the Audio Giant

Audacy, the second-largest radio broadcaster in the United States, filed for Chapter 11 bankruptcy protection on January 7, 2024. This move was a decision to restructure the company's balance sheet and emerge as a stronger, more financially sound entity.

• Audacy's $1.9 billion in debt was weighing on the company's finances.
• By entering into a prepackaged restructuring support agreement with a supermajority of its debtholders, Audacy is able to eliminate approximately $1.6 billion of debt.
• Audacy's debtholders will receive equity in the reorganized company.
• The restructuring is expected to be completed in February 2024.

Audacy expects the restructuring to have minimal impact on its day-to-day operations. The company's management team will remain in place, and there will be no disruptions to employee wages or benefits.

Audacy is committed to continuing its digital transformation and becoming a leading player in the audio landscape. The company has a strong portfolio of radio stations, podcasts, and digital audio assets, and it is well-positioned to capitalize on the growing demand for audio content.

Audacy's Chapter 11 filing is a significant event in the media industry, and it has implications for advertisers and marketers. The company's restructuring will likely lead to some changes in its marketing strategy, but Audacy remains a valuable partner for reaching large audiences through radio, podcasts, and other digital channels.

Audacy's Journey: From Radio Pioneer to Audio Powerhouse

Audacy, formerly known as Entercom, is a leading audio content and entertainment company that has been shaping the landscape of radio and digital audio for decades. Founded in 1968, the company has undergone a transformation, adapting to the ever-evolving media landscape and emerging as a dominant force in the audio industry.

Audacy owns a vast portfolio of radio stations across the United States, reaching a diverse range of audiences in major markets and smaller communities. Some of the most notable radio stations owned by Audacy include:

• WFAN (AM 660) in New York City, a sports radio powerhouse known for its high-profile personalities and coverage of the New York Jets, New York Giants, and Yankees.
• KROQ-FM (106.7 FM) in Los Angeles, a legendary alternative rock station that has launched the careers of countless artists.
• KCBS (AM 740) and KNX** (AM 1070) in Los Angeles, two of the most respected news radio stations in the country.
• WBZ (AM 1030) in Boston, a news and talk station with a long history of covering local and national news.
• WIP (FM 94.1) in Philadelphia, a sports radio station known for its passionate fan base and coverage of the Philadelphia Eagles and Phillies.

Audacy's radio station portfolio also includes a variety of niche and community-focused stations, catering to specific interests and demographics.

Early Years: Laying the Foundation for Audio Excellence

Entercom's roots trace back to the 1960s, when Joseph M. Field established Entertainment Communications, which would eventually evolve into Entercom. The company's early years were marked by a focus on local broadcasting, acquiring stations in key markets across the United States. By the 1980s, Entercom had established itself as a major player in the radio industry, with a portfolio of stations that reached a wide audience.

Expansion and Innovation: Embracing Digital Audio

The 1990s and early 2000s saw Entercom continue to expand its reach, acquiring additional radio stations and forming strategic partnerships. In 2002, the company launched its first digital audio platform, Radio.com, a pioneering move that positioned Entercom as a leader in the emerging digital audio space.

The Merger with CBS Radio: Creating a Broadcasting Giant

In 2017, Entercom made a landmark acquisition, merging with CBS Radio to form the second-largest radio broadcasting group in the United States. This merger significantly increased Entercom's scale and reach, giving the company a broader portfolio of radio stations and a stronger position in the industry.

Rebranding to Audacy: Embracing the Future of Audio

In 2021, Entercom underwent a significant rebranding, adopting the name Audacy. This move reflected the company's evolving focus on a broader range of audio content, including podcasts, digital streaming, and live events.