Audacy Files for Chapter 11 and Enters into Restructuring Support Agreement
On Sunday (1/7) Audacy, Inc entered into a restructuring support agreement (RSA) with a supermajority of its debtholders on the terms of a comprehensive restructuring that the company says will “significantly deleverage its balance sheet and further position Audacy for long-term growth.” Through the restructuring, Audacy and its debtholders will undertake a deleveraging transaction to equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million. The company does not expect any operational impact from the restructuring, and trade and other unsecured creditors will not be impaired. To implement the deleveraging transaction contemplated in the RSA, Audacy and certain of its subsidiaries commenced prepackaged Chapter 11
proceedings in the United States Bankruptcy Court for the Southern District of Texas and has filed a proposed Plan of Reorganization that incorporates the terms of the RSA and is subject to approval by the Court. Under the terms of the RSA, a supermajority of debtholders committed to vote in favor of the Plan, which, when approved, will reduce Audacy’s funded debt from approximately $1.9 billion to approximately $350 million. Audacy’s debtholders will receive equity in reorganized Audacy. Audacy expects that the Court will hold a hearing to consider the approval of the Plan in February and to emerge from bankruptcy once regulatory approval is obtained from the Federal Communications Commission. Audacy has filed with the Court a series of customary “First Day Motions” to obtain Court authority for the Company to continue operating its business in the ordinary course without disruption to its advertisers, vendors, partners or employees. Audacy expects to operate normally during this restructuring process under its current leadership team. During the Chapter 11 process, certain of Audacy’s existing lenders have committed to provide $57 million in debtor-in-possession (“DIP”) financing, comprised of $32 million of a new term loan and a $25 million upsize of the Company’s existing accounts receivables financing facility from $75 million to $100 million. Subject to the Court’s approval, the DIP financing and the Company’s cash from operations and available reserves is expected to enable Audacy to fulfill commitments to employees, advertisers, partners and vendors. Audacy common stock will continue to trade over-the-counter under the symbol “AUDA” through the pendency of the Chapter 11 process. The shares are expected to be canceled and receive no distribution as part of Audacy’s restructuring. Audacy chairman, president and CEO David J. Field states, “Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company through our acquisition of CBS Radio and by building leading complementary positions in podcasting, audio networks, live events, digital marketing solutions and our direct-to-consumer streaming platform. While our transformation has enhanced our competitive position, the perfect storm of sustained macroeconomic challenges over the past four years facing the traditional advertising market has led to a sharp reduction of several billion dollars in cumulative radio ad spending. These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring. With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business.”
New York; KNX-AM/FM, Los Angeles; and KCBS-AM/KFRC-FM, San Francisco. As part of the deal, CBS News Radio provides its full news and programming to the Audacy stations, including top-of-the-hour newscasts, CBS WORLD NEWS ROUNDUP, breaking news, special events coverage, correspondent interviews, and audio. Paramount Global EVP of podcasting and audio Steve Raizes states, “This new agreement ensures listeners in the top markets continue to get CBS News Radio’s award-winning national and global news for years to come. This new agreement continues our long-running relationship with Audacy and its stations.”
the blessing of the lenders, the company will be owned by those same lenders. Audacy’s debt is approximately $2 billion. It began talks with lenders in October after the company sought and received amendments to its credit facilities because it is unable to make interest payments due largely to the industry-wide downturn in advertising revenue. The 2017 acquisition of the CBS Radio assets is cited among industry watchers as the move that pushed Audacy into its currently precarious situation. 
sales. Castor served with then-Entercom Wichita in 2005. Most recently he served as VP of sales and marketing for the ECHL’s Wichita Thunder. Audacy Wichita SVP and market manager Becky Domyan states, “Tommy has an incredible knowledge of the digital space that will help take our revenue to the next level. He has an energy and enthusiasm that is contagious.” Castor who succeeds the recently retired Lisa Crider, also serves as co-host of the “Sports Daily” program on KFH, Wichita. 
tomorrow (1/4). Audacy San Diego SVP and market manager Michael Valenzuela says, “We’re excited to kick off the next era of our station’s midday 
programming with the additions of two seasoned broadcasters in Annie and Craig. We have no doubt their vast knowledge of this city’s sports scene will add extraordinary value to our local content offering and can’t wait to see them get the ball rolling.” Heilbrunn says, “I’m so excited for this opportunity and eager to contribute to the impressive lineup already established at ‘97.3 The Fan.’” Elsten adds, “I couldn’t be more excited to be partnered with someone as talented and respected as Annie. To do so on ‘97.3 The Fan’ is the perfect pairing. I know we will work hard to make middays a fun place to hang out every day and a great place to talk Padres.”
told by Audacy management he’s being let go as the company is looking for a change in middays and wants a “less caller-driven show.” Kentera adds, “I prepare like crazy, I think my show is good, well-received, so I was stunned when I was told I was being fired.” The 65-year-old Kentera has been in radio for 40 years, the last four with KWFN-FM and says he does not plan to retire. “I’m going to look for an opportunity in sports… in or out of the radio business. I’m not done yet.” 
director at WIVB-TV, Buffalo and served as a weekend anchor at WBEN-AM in 2002 and at sister WGR-AM in 1999. Audacy Buffalo SVP and market manager Tim Wenger states, “Lisa’s extraordinary background in leading award-winning content generation in local television news will be invaluable for WBEN as it continues to evolve as the radio station that’s always there when the community needs it the most. I look forward to Lisa taking an already stellar brand to new heights.”
several other KNBR staffers were released from the station in a budget move. Santangelo’s first shift on “The Game” will be as a fill-in host for Dan Dibley on the afternoon drive show “Willard and Dibs” tomorrow (12/21). Also let go from KNBR last month was digital team member Jake Hutchinson, who recently joined “The Game” in a similar capacity. He says, “I am truly grateful to Audacy and 95.7 for this opportunity and recognition of what I bring to the table. The people I’ve worked next to from 95.7 have always been motivated, innovative and encouraging. They were enormously fun to share press boxes and interview rooms with, and I am ecstatic to now be able to work with them.” 
Bart Winkler to late-night host (10:00 pm to 2:00 am). “Maggie & Perloff” with Maggie Gray and Andrew Perloff continue in morning drive and Amy Lawrence remains in overnights. Audacy sports format VP and CBS Sports Radio brand manager Spike Eskin comments, “This new lineup reinforces the network’s commitment to delivering around-the-clock sports coverage, connecting fans nationwide with expert analysis, compelling interviews, and premier sports commentary. We look forward to kicking off the new year with this improved weekday programming slate.”
news reports that aired on KYW. Tom Rickert, who serves as assistant brand manager and director of podcasts for KYW Newsradio, says, “There’s no other program that gives students an opportunity to learn from top professionals in news and sports media at one of the best broadcasting facilities in the country. And five decades in, we’re reuniting with parents who graduated from ‘Newstudies’ when they were in high school, who are now watching their teenagers graduate from the same program. We hope to keep investing in the young people of Philadelphia and the Delaware Valley for generations to come, and we’re thrilled to be able to work with our partners at the Klein College of Media and Communication [at Temple University] to make this happen.” At Saturday’s graduation, KYW Newsradio awarded the $2,000 Richard Monetti Scholarship to William Bowens of Sankofa Freedom Academy Charter School. The yearly scholarship is named for a “Newstudies” graduate killed in the 1988 bombing of Pan Am Flight 103 and honors a student whose work demonstrates overall excellence.
San Francisco will now be available on the Audacy app. CBS Stations says that CBS Local’s video streaming services are No. 1 overall in markets where they go head-to-head with other network competitors, according to data from Comscore. Audacy SVP digital audio content Tim Clarke comments, “We are thrilled to announce our strategic partnership with CBS Stations, expanding our commitment to delivering high-quality, locally relevant content to our listeners. This collaboration will give our listeners unparalleled access to timely and trusted news from major cities nationwide.”
Season.” The station says it “featured an informative, spirited, and sometimes fiery debate about the growing problem of organized retail theft and what can be done about it.” Appearing on the panel of experts were Todd Spitzer, Orange County district attorney; Marc Beeart, director of fraud & corruption prosecutions at the L.A. County District Attorney’s office; 
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.”
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.”
“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.
“Mijo’s extensive experience and passion for Hispanic radio make him the perfect person to usher in the next chapter of ‘Radio Libre.’ He will play a pivotal role in shaping our content strategy, enhancing the brand, and continuing our vision. Together, we look forward to delivering a fresh and vibrant listening experience that resonates with our diverse audience.” The three new shows include “Despierta Miami” with host Eli Escobar airing from 6:00 am to 10:00 am. She most recently served with the company’s hot AC KHMX-FM, Houston. New to middays is “En este Pais” hosted by Lourdes Ubieta airing from 11:00 am to 2:00 pm. In afternoon drive is “El Show de Jorge Bonilla,” airing from 2:00 pm to 6:00 pm. Bonilla has written for FOX News, Newsmax, The Blaze, The Daily Wire, Breitbart and many more conservative news outlets. 
women in radio with female professionals recognized as leaders in all aspects of the industry. The 2023 class is comprised of broadcast professionals Rosanna Cole, regional traffic manager, Townsquare Media; Caleigh Fisher, director of teammate experience, Good Karma Brands; Kristi Nguyen, director, digital sales & campaign management, Audacy; and Jade Springart, WRIF-FM program director, Beasley Media Group. 
regarding a restructuring of the Company’s outstanding indebtedness,” it reaches agreements with investors and creditors to again extend the deadline after which it would be in default. Audacy gets an extension on the due date for interest payments on its Credit Facility to November 30 and on its Receivables Purchase Agreement for the October Audacy Party Payment to November 30 and the November Audacy Party Payment Due Date to December 8. 
since 2003 to more than $4.3 million. WCCO brand manager Brad Lane says, “We are simply in awe of the incredible generosity of our fans! This is yet another great example of how live and local radio can truly impact lives. We’re so proud of our team for helping share these transformative stories from the inspiring work being done at Union Gospel Mission.” Union Gospel Mission Twin Cities provides food, shelter, programs and services for men, women and children experiencing homelessness, hunger and addiction.
Spectrum Cable. During his career he’s also served with Cox Radio in Jacksonville and the former Journal Broadcast Group at WTMJ, Milwaukee. Audacy regional president Rachel Williamson states, “I am excited to welcome Jason to lead our Milwaukee cluster. His experience across radio, video and digital combined with his deep knowledge and relationships throughout the Milwaukee market brings an increased expertise to our cluster and clients.” Bjorson comments, “I’m thrilled to join the Audacy Milwaukee team, with some of Milwaukee’s most iconic brands and an innovative broadcaster. I’ve competed with this team and tried to recruit them for years, so I know how much talent is here. I’m looking forward to working with them to win big here in Milwaukee!”
WEEI-FM, Boston. He’ll continue to lead his program that includes cast members Jermaine Wiggins, Courtney Cox and Chris Curtis. Audacy Boston SVP and market manager Mike Thomas states, “We are thrilled to extend Greg’s contract and keep the momentum going for his award-winning morning show. We look forward to having Greg, alongside Jermaine and Courtney, continue to set the tone for our weekday programming and deliver entertaining content for our listeners for the foreseeable future.”