Audacy Files For Bankruptcy
Trey wins again. Remember when I declared War on Audacy and WEEI? It turns out they are bleeding from the inside out. Trey is still here and Audacy declared for bankruptcy. Weird how that works isn’t it.
Audacy owns 227 radio stations nationwide including WEEI, WFAN, Radio.com, Cadence13, Pineapple Street Media, etc. They have now filed for Chapter 11 bankruptcy. Too bad, so sad.
Annie Nova of CNBC was the first to reveal the news:
The restructuring agreement will allow Audacy to slash its total debt load by 80% to about $350 million from around $1.9 billion, the company said.
“Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company,” David Field, CEO of Audacy, said in a statement.
However, Field added, “the perfect storm” over the past four years of macroeconomic challenges “facing the traditional advertising market” led to a sharp reduction in radio ad spending.
“These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring,” Field said.
We still don’t have a resolution on Diamond Sports Group when they also filed for bankruptcy. This is not anything new for the sports media field. People are losing interest in the hot take artists and the talent in the industry isn’t good enough to spark interest.
Trey will keep being Trey. Vendetta will live on and represent a better brighter tomorrow for the sports media industry.
This seems like just the beginning of the end for this radio station conglomerate. With bankruptcy now filed, it would stand to reason that layoffs will hit these radio stations hard.
