Radio Giant Audacy Files Chapter 11 Bankruptcy, Owner Of Stations KROQ, WFAN, And KCBS
deadline.comBroadcaster Audacy filed for bankruptcy today, a move blamed on plummeting advertising for radio. The firm owns KROQ and KCBS in Los Angeles and WFAN and WINS in New York, but the move is not expected to have any immediate impact on day-to-day operations.
Audacy has already negotiated a bankruptcy plan with its lenders, according to the Wall Street Journal. The lenders are expected to take over the company during its restructuring.
Audacy is the second-largest radio broadcaster in the U.S. after iHeartMedia. It has 235 owned radio stations across 48 markets The Philadelphia-based broadcaster filed a chapter 11 petition in the U.S.
Bankruptcy Court for the Southern District of Texas. Audacy is expected to reduce its nearly $2 billion debt load by roughly $1.6 billion, leaving $350 million of debt outstanding following the reorganization, according to a company statement.
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