Broadcast and internet radio platform Audacy is preparing to file for Chapter 11 bankruptcy (similar to Canada's CCAA) in the coming weeks, according to the Wall Street Journal.
Previously known as Radio.com and before that Entercom, the Philadelphia-based company broadcasts over 200 radio stations throughout the US and a heavyweight roster of podcasts, including Will Arnett, Jason Bateman and Sean Hayes's SmartLess and Dana Carvey and David Spade's Fly on the Wall.
Unable to repay its nearly $2 billion USD in debt, which Billboard reports is due largely to its 2017 merger with CBS Radio, Audacy has been steadily losing revenue over the past year.
As a result of its impending bankruptcy filing, the company will reportedly be handed over to its lenders following any potential restructuring.
The move continues something of a pandemic for radio broadcasters, as Bell Media shut down several radio stations and cut 1,300 jobs across Canada in the summer of 2023.
Previously known as Radio.com and before that Entercom, the Philadelphia-based company broadcasts over 200 radio stations throughout the US and a heavyweight roster of podcasts, including Will Arnett, Jason Bateman and Sean Hayes's SmartLess and Dana Carvey and David Spade's Fly on the Wall.
Unable to repay its nearly $2 billion USD in debt, which Billboard reports is due largely to its 2017 merger with CBS Radio, Audacy has been steadily losing revenue over the past year.
As a result of its impending bankruptcy filing, the company will reportedly be handed over to its lenders following any potential restructuring.
The move continues something of a pandemic for radio broadcasters, as Bell Media shut down several radio stations and cut 1,300 jobs across Canada in the summer of 2023.
