Audacy plans to take the company private following the FCC’s approval of its Chapter 11 bankruptcy ownership restructuring.
The company will continue to be led by David Field, its current President and CEO, and its existing management team. Field will also serve on the company’s new Board of Directors.
“We are pleased to have successfully achieved all of our restructuring goals, emerging with an outstanding balance sheet, delivering industry-leading growth, serving our listeners and advertisers with excellence, and honoring our commitments to employees and partners,” Field said in a release. “Today, Audacy embarks on our next chapter, capitalizing on our position as a scaled, multi-platform audio leader, differentiated by our exclusive, premium audio content, including our unrivaled leadership in sports audio, powered by our industry-leading financial strength and focused on accelerating our innovation and digital transformation. We are maximizing a broad set of opportunities to further accelerate our growth for the benefit of Audacy and all of its stakeholders.”
Audacy says it has completed its financial restructuring, implementing a fully consensual, deleveraging transaction that equitized approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to $350 million.
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