The New York Stock Trade welcomes executives and guests of Audacy (NYSE: AUD), right now, Friday, April 9,2021, in celebration of its modern firm rebrand.
NYSE
Audacy, the radio and podcast large, mentioned Sunday it submitted programs for Chapter 11 individual bankruptcy safety in Texas to minimize its personal debt.
The restructuring settlement will permit Audacy to slash its complete personal debt load by 80% to about $350 million from all-around $1.9 billion, the business reported.
“Over the past couple of decades, we have strategically reworked Audacy into a major, scaled multi-platform audio content material and enjoyment company,” David Field, CEO of Audacy, claimed in a statement.
Nonetheless, Area extra, “the ideal storm” about the past four yrs of macroeconomic problems “going through the common marketing current market” led to a sharp reduction in radio advertisement paying out.
“These market place things have seriously impacted our money condition and necessitated our harmony sheet restructuring,” Area stated.
The Philadelphia-based organization owns hundreds of radio stations and is one particular of the prime radio broadcasters in the U.S. Audacy owns WFAN Sporting activities Radio, New York’s 1010 WINS and KCBS.
Correction: This posting has been updated to replicate that Audacy is the 2nd-most significant radio corporation in the U.S.
You should not overlook these stories from CNBC Pro:
