Radio And Streaming Platform Audacy Files For Bankruptcy Protection

Audacy, the second-largest radio company in the country, announced Sunday that it is filing for bankruptcy protection. The news comes as radio continues to be challenged in the streaming era, with radio listenership dropping precipitously since the beginning of the COVID-19 pandemic and advertising declining across platforms. The radio and streaming network plans an official reorganization. In an agreement approved by a supermajority of its creditors, the company’s debt will be reduced from $1.9 billion to approximately $350 million, according to a release from the company. In exchange, those holding Audacy’s debt will receive equity in the revamped Audacy. Pictured: Audacy CEO David J. Field.