Audacy will soon dive into bankruptcy, Salem Media delists and Beasley and Urban One are on the verge of being delisted. iHeart is still not out of their financial woes either. Commericial radio continues to roll into decline.
Inside Radio reports: The Wall Street Journal reports that Audacy is gearing up to file for bankruptcy in the coming weeks, grappling with a significant decline in advertising revenue that has rendered it incapable of servicing its $2 billion debt load. The WSJ exclusive says Audacy has already successfully negotiated a prepackaged bankruptcy plan with its senior lenders, who are poised to provide the necessary financing for the impending Chapter 11 proceedings. As part of this arrangement, the senior lenders are anticipated to assume ownership of the company post-restructuring.
The financial challenges faced by Audacy are rooted in diminishing revenue and widening net losses, primarily attributed to a downturn in ad spending. The company had previously cast doubt on its ability to operate as a going concern, citing concerns over its capacity to meet debt obligations based on its revenue forecasts for 2024.
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