Audacy and Creditors Agree on Extension of Grace Period
As Audacy continues to engage in discussions with its creditors with respect to potential alternatives regarding a restructuring of its outstanding indebtedness, the company gains an extension on the grace periods before defaulting. Regarding its latest Credit Facility Amendment, it “extends the grace period before which a default in the payment of interest matures into an Event of Default to 68 calendar days. However, if lenders holding a majority of the outstanding obligations under the Credit Facility have not
received a substantially final form of agreement with respect to a consensual transaction relating to the Issuer’s funded indebtedness satisfactory to such lenders on or before December 15, 2023, the grace period extension expires after 45 calendar days. This is relevant to the following Credit Facility interest payments: approximately $17,000,000 originally due on October 31, 2023; approximately $785,592 originally due on November 8, 2023; and approximately $1,125,000 originally due on December 28, 2023. Regarding the Receivables Facility Amendment, it amends the cross-default that would otherwise occur under the Receivables Facility in respect of certain defaults in the payment of interest under the Credit Facility, with the effect that such interest payment defaults will not result in an event of default under the Receivables Facility until the expiration of the 68 or 45 calendar day grace periods… and extends certain related covenant accommodations with respect to the Company’s liquidity position through January 7, 2024.”
“Most registered voters avoid the news at least some of the time. Of those who disengage, over half avoid national politics coverage,” according to the “
Cumulus operates news/talk WXLM-AM in the New London market and news/talk WPRO-AM/WEAN-FM and sports talk WPRV-AM in Providence. Cumulus Media president of operations Dave Milner states, “Holly is an extremely effective and capable leader. Having her lead New London in addition to Providence allows for us to provide enhanced solutions for customers in Rhode Island and Eastern Connecticut.”
company’s New Orleans market to take over for Williamson as SVP and market manager for the Chicago market. Williamson reports to Brian Benedik, chief 
revenue officer, and Cassidy reports to Brian Purdy, regional president. Benedik says, “We are thrilled to move Rachel into this new, important assignment. Her leadership experience and expertise with linear and digital audio and video will be a tremendous asset to growing our local business across Audacy.” Purdy comments, “With an impressive multiyear track record of success overseeing our New Orleans cluster, Kevin knows how to grow brands and deliver performance. We are confident that Chicago will continue to thrive under Kevin’s guidance.”
and M&A), and investor relations efforts. Jones has led the Cumulus through several strategic transactions and growth initiatives including the acquisition of Westwood One in 2013. Additionally, he oversees IncentRev, the company’s e-commerce and daily deal platform. Cumulus CEO Mary Berner comments, “With his deep understanding of both Cumulus Media and Westwood One, Collin is uniquely qualified for this role and is well-prepared to harness the full power of our platform to help Westwood One grow. Collin has consistently demonstrated his savvy business acumen, effective management style, and collaborative spirit, and I have full confidence that he has the skills and the vision to build upon Suzanne’s considerable accomplishments.” Berner adds, “I would like to thank Suzanne for her invaluable contributions and her pivotal role in our success. Under her leadership, we launched the top-rated Cumulus Podcast Network, built the multi-platform Westwood One News/Talk franchise, and established the industry-leading Audio Active Group. Throughout her time with Cumulus, she has been a remarkable leader, colleague, and mentor to many, and we are certain she will accomplish great things wherever she chooses to share her talents next.”
of injured military members and veterans who are undergoing treatment. Group homes at Bethesda, Walter Reed, the VA, Dover AFB, and at military and VA medical centers around the world offer a comfortable place for loved ones to live while remaining close to their injured family members. Fisher House Foundation chairman and CEO Ken Fisher says, “For an incredible 21 years, WMAL and its audience have given to military and veteran families through Fisher House Foundation. We are overwhelmed and grateful for the dedication and incredible generosity in support of our nation’s heroes and their loved ones.” WMAL PD and Cumulus Media VP of news/talk Bill Hess comments, “Year after year, our listeners step up with support for injured veterans and their families. As the Fisher House Foundation approaches its 100th house worldwide, it’s rewarding to know our listeners play such a large role in the organization’s ability to serve the families of our wounded servicemen and women.”
Waukesha. The “Nite Lite With Pete Schwaba” airs from 8:00 pm to 10:00 pm. Schwaba has hosted programs for PBS Wisconsin in addition to his work in the film industry that includes writing for the 2003 film, A Guy Thing, and his own indie comedy film, The Godfather of Green Bay. He also served as a producer on the Jeff Foxworthy TV show, “Are You Smarter Than a Fifth Grader?” He says, “Entertainment, just like sports, helps bring people together, which is more important now than ever. I’m excited to introduce listeners to people I’ve met over the years in the entertainment business, share experiences, and generally celebrate arts and culture in Wisconsin.” 
“Steele Talkn’” after 27 years on the air at Audacy’s WCCO-AM, Minneapolis. She told listeners on last Sunday’s final program. Steele made the announcement during her final broadcast on Sunday, saying: “It’s been a blast. I want someone else to come and do a great job and learn, hopefully as much as I have learned. I have been a part of your lives and you have been a part of mine for many years. And I will not forget that.” 
The filing comes as Audacy “continues to engage in discussions with its creditors with respect to a number of potential alternatives regarding a restructuring of the Company’s outstanding indebtedness.” It also announces in the filing that JPMorgan Chase Bank, N.A. has resigned as Letter of Credit Issuer and Swing Line Lender (both as defined in the Credit Facility) and that Wilmington Savings Fund Society, FSB was appointed as Administrative Agent and Collateral Agent under the Credit Facility.
News flash: Time cannot be managed. But tasks can.
2) Audio is powerful. Podcast consumers spend a significant amount of time on YouTube listening to podcasts without watching the video; 3) Since 2019, YouTube and 
Karma Brands, Steve Wexler, will serve as interim CEO and will begin working with the Neuhoff team in January. Julian Hickman and Makena Neuhoff, the Trustees for the Neuhoff family, say, “We thank Mike for his many contributions during his more than 30 years as part of Neuhoff Media. Under his leadership, Mike has advanced the family mission of great local radio. We wish Mike all the best in his new role at the RAB and are thrilled to welcome Steve Wexler as interim CEO.” Wexler comments, “I am thrilled for Mike and am honored to serve as interim CEO for this legendary company and look forward to working with the talented, committed team at Neuhoff during this transition.” 
been spent at WFNC – with a special broadcast of “Good Morning Fayetteville” called, “Goldy’s Last Hurrah.” He tells Bill Kirby Jr. at CityViewNC, “Since I announced my retirement a few weeks ago, the outpouring of love and the good wishes from not only my listeners here in Fayetteville, but my listeners in Washington D.C., has been overwhelming. It has been a privilege and a joy to live out my dream for these last 45 years, and to have a second chapter like the one I’ve had here in Fayetteville exceeded my wildest dreams.”