Audacy, the second-largest radio broadcaster in the United States and owner of more than 350 digital stations, is preparing to file for a pre-packaged Chapter 11 bankruptcy protection within weeks. The Philadelphia-based company, which operates iconic stations such as WFAN660, KROQ, KCBS, and New Yorkβs 1010 WINS, has been unable to service its nearly $2 billion debt following a decline in advertising revenue. The CEO of AudacyCorp has attributed the financial difficulties to a 'perfect storm' of pandemic impacts and broader economic conditions. Notably, this move comes just six months after the company paid its executives $3.2 million in bonuses. The bankruptcy filing is anticipated to occur in Texas with the intention of reducing the company's debt.
For today's edition of @AxiosPro Media Deals, @tim_bays and I covered (+ @sarafischer): π₯ Hollywood shrinkage ποΈ @Audacy files for bankruptcy π 1 fun thing: @mcwm and me at @GilletteStadium https://t.co/JncUhnQ55Y
Audacy, the second-largest radio broadcaster in the United States, has filed for bankruptcy, reports @sarafischer, with CEO David Field citing a "perfect storm" of pandemic and other economic challenges. https://t.co/5PAnI6Q9ty
Audacy, the company that owns WFAN and other sports radio channels, has filed for bankruptcy. https://t.co/F9FpbFmebR
"Audacy, the radio and podcast giant, it filed plans for Chapter 11 bankruptcy protection to reduce its debt." https://t.co/bXhiZ4hPzR
Largest U.S. radio company, Audacy, files for bankruptcy protection https://t.co/fQyIiRkssS via @nbcnews
Largest U.S. radio company Audacy files for bankruptcy protection - CNBC https://t.co/UCmIIlxbOo
Radio broadcaster #Audacy files for Chapter 11 bankruptcy : https://t.co/Y7hLTQYOOh https://t.co/dZuz02oHl9
Audacy filed for chapter 11 bankruptcy over the weekend. The Philadelphia-based company owns hundreds of radio stations and is one of the top radio broadcasters in the U.S. Audacy owns WFAN Sports Radio, New Yorkβs 1010 WINS and KCBS. https://t.co/0Bf8BDgfLs
Audacy, the radio platform that owns KROQ and KRTH and 200 nationwide, files for Chapter 11 bankruptcy https://t.co/P8cycRD6bk
US' largest radio and podcast company Audacy files for bankruptcy with $2billion in debts just six months after paying execs $3.2million in bonuses https://t.co/ZxRytKOkUj https://t.co/ZUp4U0p4Q6
Audacy, one of the largest radio broadcasters in the country, files for bankruptcy https://t.co/xoQhyWTFjk https://t.co/ucrDoJyuI8
Audacy, 2nd largest radio operator, files for bankruptcy protection https://t.co/SPFQUU0w6B
Audacy Files for Bankruptcy– Radio Behemoth Owns Top News, Music, Sports Stations in New York, Los Angeles - https://t.co/B05Z4dARI0
Radio giant Audacy files for bankruptcy https://t.co/z1zFfo814m
Audacy, the radio and podcast giant, files plans for Chapter 11 bankruptcy protection in Texas to reduce its debt. https://t.co/exIs301WcT
Radio Broadcaster Audacy Files for Bankruptcy https://t.co/FfKwm1yJXL
Audacy, the radio platform that owns KROQ and KRTH, files for Chapter 11 bankruptcy https://t.co/OK6alCX8FC
Radio Broadcaster Audacy Seeks Bankruptcy Amid Ad Slump https://t.co/vvhZg4qUBV
As Audacy files for bankruptcy, the radio and streaming company's CEO blames a decline in advertising and conditions in the larger economy https://t.co/xNtqFwcefy
Largest U.S. radio company Audacy files for bankruptcy protection https://t.co/p9oqL0pyRT
Radio Giant Audacy Files Chapter 11 Bankruptcy, Owner Of Stations KROQ, WFAN, And KCBS https://t.co/G1EWWnJbmS
Radio/Streaming Network Audacy Files For Bankruptcy Protection: https://t.co/xNtqFwbGq0
Radio and Streaming Platform Audacy Files For Bankruptcy Protection https://t.co/xNtqFwbGq0
Radio Conglomerate Audacy Files for Chapter 11 Bankruptcy Protection https://t.co/LX4BUAnV4M
Radio Giant Audacy β Owner of KROQ and KCBS β Files for Bankruptcy https://t.co/FbuDjRM2Iw
BREAKING: @AudacyCorp, which has 350-plus digital stations, is alerting sponsors that is filing a pre-packaged bankruptcy. Audacy is owner of @WFAN660. Story developing
Report says radio broadcaster Audacy will file for bankruptcy https://t.co/0PUWZ4wzZh
Audacy is preparing to file for bankruptcy within weeks after declining advertising revenue made the radio network unable to service its nearly $2 billion debt, sources say https://t.co/nsXGTaA0IU