Largest U.S. radio firm Audacy information for chapter safety

Audacy, the radio and podcast large, mentioned Sunday it filed plans for Chapter 11 chapter safety to scale back its debt.

The restructuring settlement will permit Audacy to slash its whole debt load by 80% to about $350 million from round $1.9 billion, the corporate mentioned.

“Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company,” David Discipline, CEO of Audacy, mentioned in an announcement.

Nevertheless, Discipline added, “the perfect storm” over the previous 4 years of macroeconomic challenges “facing the traditional advertising market” led to a pointy discount in radio advert spending.

“These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring,” Discipline mentioned.

Audacy owns a whole bunch of radio stations and is without doubt one of the prime radio broadcasters within the U.S.