CORP/BIZ Audacy, Inc., Second-Largest U.S. Radio Broadcaster, Enters Chapter 11

Macgyver

Macgyver

Has No Life - Lives on TB
Soon to be sold to soros?


www.breitbart.com

Audacy, Inc., Second-Largest U.S. Radio Broadcaster, Enters Chapter 11

Well-known radio and podcast company Audacy, Inc. has officially entered into Chapter 11 bankruptcy protection.
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Audacy, Inc., Second-Largest U.S. Radio Broadcaster, Enters Chapter 11​




Well-known radio and podcast company Audacy, Inc. has officially entered into Chapter 11 bankruptcy protection.
CNBC reports that earlier this week Audacy, Inc., the second-largest radio broadcaster in the United States, announced it made the move to restructure its finances.
This step reportedly aims to reduce the company’s massive debt load, which currently stands at $1.9 billion. Audacy plans to reduce this amount to a more manageable figure of around $350 million, which would be an 80 percent decrease.

Headquartered in Philadelphia, Audacy controls a network of hundreds of radio stations nationwide. This includes flagship stations like WFAN Sports Radio, 1010 WINS in New York, and San Francisco’s KCBS. Despite an impressive radio station portfolio, the company has been facing major financial pressure and struggling to keep up in the modern media landscape.
Audacy CEO David Field commented: “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 added: “Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company,” but commented on the number of issues the company faces, stating: “These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring.”

An SEC filing in May stated that Audacy’s revenue forecast over the next year wouldn’t be enough to fulfill its debt obligations. The company received a grace period for interest payments due in October 2023 and said that it would use that time to strategize a plan with lenders for its business operations.
But Field seems confident about the future of the company, stating: “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.”
 
greysage

greysage

On The Level
Young people have been trained to hate old stuff. Including radio. They'd be embarrassed if their friends and school teachers learned they were listening to radio. The old radio listeners have been dying off or choose other platforms, and the young people want nothing to do with it.
 
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Plain Jane

Just Plain Jane
Macgyver said:
Audacy CEO David Field commented: “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.”
Click to expand...
Local radio stations rely on local businesses for advertising for the most part. Most of those businesses were deemed non-essential during COVID lockdowns while big box chains were allowed to stay open. Many local businesses have not recovered or went out of business entirely.
 
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Plain Jane

Just Plain Jane
CaBuckeye said:
A few years ago, American auto manufacturers were trying to eliminate AM radio in new cars to save a couple of bucks. I know a battle raged about the policy but never heard what was actually resolved.
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I am not certain but a case was made that for many local communities the AM stations are the ones that carry information in the event of a local emergency.
 
Macgyver

Macgyver

Has No Life - Lives on TB
CaBuckeye said:
A few years ago, American auto manufacturers were trying to eliminate AM radio in new cars to save a couple of bucks. I know a battle raged about the policy but never heard what was actually resolved.
Click to expand...
That's a recent thing as well. Especially for the battery cars.
There is a thread here about it.
 
W

workhorse

Veteran Member
Look where the flag stations are in big liberal cities. Where business spend money on guards not advertising. Where people are fleeing from making fewer listeners. Stations that care more about professional athletes and Hollywood gossip than good music and personality that is family friendly.
 
S

SlipperySlope

Veteran Member
There just isn't as much choice as there used to be on radio. The local stations rarely give any real news or weather anymore either. When our power goes out I play my battery radio but they don't ever mention anything newsworthy. Just a canned repeat of a few top headlines. There is less talk radio too. I guess with Rush gone that is another end of an era.
 
Blacknarwhal

Blacknarwhal

Let's Go Brandon!
Red Baron said:
I have lost any ability to tolerate even one commercial on tv or radio.

I'm seeing over the air broadcast tv and radio as a failed business model.

Why even bother maintaining a huge high power transmitter and antenna when internet streaming is the far cheaper option?
Click to expand...

Which is true as long as the power grid holds up. And the internet itself isn't censored to within an inch of its useful life.

But it's true; streaming tends to work a lot better. The consumer gets more choices, and generally a better experience. I 'll use my experience with Sirius again as a point; I enjoy listening to jazz while I drive. No radio station around here has it. So I went with Sirius, until I realized my car had a USB jack and I could load it up with MP3s and go that route.

Though it's not really a FAILED business model so much as a model that worked in its era. Buggy whips weren't a failed model either until people got rid of horses.
 
Genevieve

Genevieve

working on it
I listen to local radio stations. They give local news and weather and traffic reports.
One will give the menu for the county schools.
One does the local school sports events
They do run news and commentary programs after 8am though.
I just found a locally owned small station in Va that plays music from the 70's, 80's and 90's. Its tolerable.
I like the ads for local businesses.
I also switch over to a local station that plays older country.
I have no interest in "talk" radio. All they do is complain and whine, but never offer any solutions to what they're complaining about.
 
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Knoxville's Joker

Knoxville's Joker

Has No Life - Lives on TB
CaBuckeye said:
A few years ago, American auto manufacturers were trying to eliminate AM radio in new cars to save a couple of bucks. I know a battle raged about the policy but never heard what was actually resolved.
Click to expand...
The feds and FEMA/CERT basically said the AM bands are the only thing that can be used for emergency broadcasts in a disaster and basically said that the auto makers would get some serious fines and headaches if they did not keep AM...
 
vector7

vector7

Dot Collector
Macgyver said:
Soon to be sold to soros?
Click to expand...
You guessed it...

In a suspicious move right before the 2024 election, George Soros and his son, known for their leftist views, have purchased a 40% stake in Audacy, a major radio conglomerate with influential stations across the US. This raises concerns about their…

Invading armies prepare the battlefield by securing information dominance if possible, the conduit through which they push their propaganda. Maybe that's the reason that leftist George Soros and his son, leftists who hate traditional American values, are using their billions to buy huge interests in radio stations that have some of the biggest audiences in America. And right before the 2024 election. What a coincidence.

The radio conglomerate owns 230 radio stations around the country that they claim possess 90% "coverage" in each market and boasts 165 million monthly broadcast listeners.

The New York Post reports that:
The left-leaning billionaire’s Soros Fund Management has bought up $400 million of debt in Audacy — the No. 2 US radio broadcaster behind iHeartMedia with stations including New York’s WFAN and 1010 WINS, as well as Los Angeles-based KROQ, according to bankruptcy filings.
One insider close to the situation, noting that he was a Republican, said he believed it was possible Soros was buying the stake to exert influence on public opinion in the months leading up to the 2024 presidential election.
“This is scary,” the source said.
Click to expand...
https://twitter.com/i/web/status/1758193228002836620
View: https://twitter.com/am1_news/status/1758193228002836620
 
Y

Yogizorch

Has No Life - Lives on TB
I just load up my thumb drives with whatever I want to listen to and enjoy hours of non-commercial music. I've found that it's easier for me to have several smaller capacity thumb drives instead of one large one since searching for a certain file with a certain type music is cumbersome at best while driving. As for Sirius, I refuse to support Howard Stern at all.
 
W

workhorse

Veteran Member
I bet they will kill every talk radio station or get rid of the current shows. We can’t have the rabble thinking independent thoughts now can we. They can not be allowed to hear that they are not a minority and actually a majority. It could ruin everything if the ants figure out that they could overwhelm us at any time our way of life and all our planning would be for nothing we have to isolate them and make sure they never ever figure it out.
 
subnet

subnet

Boot
I quit radio when I got tired of the same old songs being played over and over and certain stations were squished by mexican broadcasts...streaming what i want to hear when i want to hear it, is much better imo
 
Red Baron

Red Baron

Paleo-Conservative
_______________
Another problem with terrestrial FM broadcast music stations is the typically dismal audio quality.
 
RB Martin

RB Martin

Veteran Member
My favorite conservative station, 98.9 W.O.R.D. Streams on Audacy. Tara Servatius on that station is amazing! At least I can get it over the air when I'm at home.

I just had another upstate radio station I used to listen to, get bought out and drop the conservative talk format. I don't want to lose another.
 
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