Audacy, Inc. announced yesterday (9/30) that it has successfully 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. Sources at the radio giant – owner of more than 220 local stations including major all-news, news/talk, and sports talk outlets – say the company emerges as a “healthy, scaled, multi-platform leader in the dynamic audio sector, with total net leverage of approximately 2.7x, differentiated by its #1 position in exclusive, premium audio content.” 
Audacy will continue to be led by David J. Field, its current president and CEO, and its existing management team. Field will also serve on the company’s new board of directors. Field states, “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,” adding, “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 its stakeholders.” In conjunction with the completion of its restructuring, Audacy is expected to become a private company. Audacy’s restructuring comes after the FCC’s commissioners gave a thumbs up on the assignment of licenses held by the radio giant to a new, post-bankruptcy version of the company on September 18, allowing the radio giant to bypass the commission’s review, at least temporarily. According to reliable reports, the Soros Fund Management, led by billionaire investor and powerful supporter of liberal causes, George Soros, acquired over $400 million of the radio company’s debt, making it the largest contributor among a group of lenders looking to exchange loans for stock. Concern grows in the radio industry and related political circles, including some Members of Congress, that the influence of Soros’ political leanings might be felt in the programming of Audacy’s all news stations and predominantly conservative news/talk outlets.