Radio giant Audacy files for Chapter 11 bankruptcy
PHILADELPHIA (UPI) -- Following years of declining ad spending, American radio and podcasting giant Audacy announced Sunday that it has filed for prepackaged Chapter 11 bankruptcy protection. Audacy, one of the nation's largest radio companies, announced its filing in a statement, saying it has reached a restructuring support agreement with a supermajority of its debtholders that will see its debt be reduced by about 80%, from $1.9 billion to $350 million. Formerly known as Entercom, Audacy merged with CBS Radio in 2017 that aided […]
