🔭 FEBRUARY 15, 2024: The Blaze > Soros-anomics! The company’s restructuring plan, which requires approval, is scheduled to be reviewed by United States Judge Christopher Lopez on February 20.

CANDACE HATHAWAY
FEBRUARY 15, 2024
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David J. Field, chairman, president, and CEO of Audacy, stated, “Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company through our acquisition of CBS Radio and by building leading complementary positions in podcasting, audio networks, live events, digital marketing solutions, and our direct-to-consumer streaming platform.”

“While our transformation has enhanced our competitive position, the perfect storm of sustained macroeconomic challenges over the past four years facing the traditional advertising market has led to a sharp reduction of several billion dollars in cumulative radio ad spending,” Field continued.

“These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring. With our scaled leadership position, our uniquely differentiated premium audio content, and a robust capital structure, we believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business.”
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