From Dow Jones & Company, Inc.:

Radio and podcast company Audacy Inc. has filed for chapter 11 bankruptcy protection due to a struggling advertising market. They seek to reduce 80% of their $1.9 billion debt to around $350 million. CEO David J. Field cited sustained macroeconomic challenges and a sharp reduction in radio ad spending as the main factors. The company plans to go through a prepackaged bankruptcy process to speed up the restructuring. Audacy acquired most of its debt after merging with CBS Radio in 2017 and owns hundreds of radio stations across the U.S. They expect the bankruptcy plan to be considered in court in February. Despite the bankruptcy, Audacy plans to continue normal operations and expects to emerge from bankruptcy after obtaining FCC approval. The company’s shares were delisted from the NYSE in November and are now traded over the counter, with a 97% decrease in stock value over the past 12 months.



Read more: Radio giant Audacy files for chapter 11 bankruptcy, as ad sales plunge