Audacy, the struggling multi-platform audio content company, has begun prepackaged Chapter 11 bankruptcy proceedings in US Bankruptcy Court for the Southern District of Texas, the company announced Sunday. The internet radio conglomerate — among the biggest radio companies in the country — was saddled with substantial debt and faced slowed-down advertising revenue. Audacy said it is entering into a restructuring agreement to reduce its debt from about $1.9 billion to $350 million. In a May SEC filing, Audacy said its revenue forecast over the next year wouldn’t be enough to fulfill its debt obligations. Founded in 1968, Philadelphia-based Audacy operates in hundreds of US radio markets.

Source: CNN January 07, 2024 23:43 UTC