Radio Giant Audacy — Owner of KROQ and KCBS — Files for Bankruptcy

US-based giant, Audacy, announced on Sunday that it would be filing for Chapter 11 bankruptcy protection, following an agreement with its debtors to undergo restructuring. Audacy is known for owning some of the US's top radio stations like L.A.’s renowned alternative station KROQ, KCBS and KNX, along with New York’s 1010 WINS news station, WCBS talk station, and WFAN, which holds the distinction of being the first sports radio station in the country. The company owns over 200 radio stations nationwide, also managing a variety of digital radio channels. It has also established partnerships with companies like Warner Bros. Discovery and Bloomberg LP. Audacy came into existence post the merger of Entercom and CBS Radio in 2017 when CBS was planning to move away from its non-TV ventures. The company articulated on Sunday that the agreement with its debtors would cut down its debt by approximately 80%, bringing it down from $1.9 billion to $350 million. It anticipates no operational impacts due to the bankruptcy and restructuring. David Field, the Chairman, President, and CEO of Audacy reported that even though their transformation has boosted their competitive position, relentless macroeconomic hardships over the past four years in the traditional advertising market has led to a steep decline of several billion dollars in total radio ad spending. They believe that with their distinctive premium audio content and sturdy capital structure, Audacy would emerge stronger and continue to grow in the competitive audio business. A number of stations under Audacy have been pioneers in radio formats. WCBS played a crucial role in introducing the news radio format, while KROQ was known for its innovative programming. The station also initiated the careers of famous comedians such as Jimmy Kimmel and Adam Carolla.