Radio and podcast corporate Audacy printed that it filed for bankruptcy 11 chapter Sunday, bringing up “macroeconomic demanding situations” as the cause of its restructuring.
Audacy is the house to loads of broadcast, sports activities and podcast displays and is likely one of the biggest radio broadcasters within the nation. In an announcement Sunday, Audacy’s President and CEO David Box printed that it filed for chapter and that it entered right into a restructuring strengthen settlement with a supermajority of its debtholders.
“Over the last few years, we’ve got strategically reworked Audacy into a number one, scaled multi-platform audio content material and leisure corporate thru our acquisition of CBS Radio and by way of construction main complementary positions in podcasting, audio networks, reside occasions, virtual advertising and marketing answers and our direct-to-consumer streaming platform,” Box stated in a commentary.
He stated that there used to be a “highest typhoon” of demanding situations dealing with the corporate during the last 4 years. He stated that the restructuring will have to no longer have “any operational affect” at the corporate, noting that “business and different unsecured collectors might not be impaired.”
“Whilst our transformation has enhanced our aggressive place, the very best typhoon of sustained macroeconomic demanding situations during the last 4 years dealing with the standard promoting marketplace has ended in a pointy relief of a number of billion greenbacks in cumulative radio advert spending,” he stated.
He added that the ones components “seriously impacted our monetary situation and necessitated our stability sheet restructuring.”
The corporate’s announcement stated it all started its prepackaged Bankruptcy 11 lawsuits within the Southern District of Texas on Sunday. Audacy filed a proposed plan of reorganization, which, if authorized by way of the court docket, “will scale back Audacy’s funded debt from roughly $1.9 billion to roughly $350 million.”
Up to date at 8:32 pm.
Copyright 2023 Nexstar Media Inc. All rights reserved. This subject material will not be printed, broadcast, rewritten, or redistributed.
