Post: Soros Fund Management Buys Audacy Debt
According to a story in the New York Post, the George Soros controlled Soros Fund Management has bought $400 million worth of Audacy’s debt, estimated to be about 40% of the company’s total senior debt. The
Post says it confirmed the report with Audacy and the company added, “The decision by our existing and new debtholders to become equity holders in Audacy represents a significant vote of confidence in our company and the future of the radio and audio business.” The story cites an insider close to the situation who is a Republican saying he believes its “possible Soros was buying the stake to exert influence on public opinion in the months leading up to the 2024 presidential election.” Read the Post story here.
and I would have never imagined that all of my dreams would be multiplied by two. I was blessed with an amazing journey; from Emporium to New York City and every city in between including Nashville, Dallas, San Antonio, Austin, Baltimore and Pittsburgh…. The best part of my job was working with some of the best talent in the country. I tried to never get in their way, and I listened in awe to what they created daily. They were the reason for my success, and I am thankful for the privilege of tagging along… The time has come for me to walk away, and I do so with the deepest appreciation. If I worked with you, I hope you can say that I gave you my best and that I helped you succeed. I know my life was richer because of you and I will cherish the memories we created together. Thank you! Now, about that last break…”
Audacy agrees to pay BMI $550,000 in settlement of those claims. Audacy and BMI agree to resolve the fee dispute with 60 days of BMI’s merger. Based on the results of the 2017-2019 Audit, BMI asserted that Audacy owed approximately $1.68 million in fees to BMI. Audacy disputed BMI’s claim and, since 2020, has been negotiating with BMI to settle that matter and any potential claims relating to Audacy’s 2020 revenue subject to license fees. BMI has also asserted that Audacy owes approximately $9.26 million in unpaid license fees and accrued late fees, which Audacy disputes. Audacy says in its filing that this “Settlement is in the best interest of all stakeholders (including Debtors’ secured creditors, the only impaired parties) because it will, subject to the closing of the merger, bring in at least $25 million of funds to the Debtors’ estates (potentially within days of this settlement being approved), with the possibility for up to an additional $13.6 million in the following months.” 
total Audio campaigns — including radio, streaming and podcast advertising— with Veritonic allows us to show the power of Audacy’s content in connecting with audiences and mobilizing customers. We’re thrilled to continue our partnership and enable our clients and advertising partners to leverage audio to achieve the utmost in competitive edge, reach, and ROI.”
other members of our unit. First and foremost, we denounce layoffs in their entirety; we believe this form of ‘cost cutting’ is fundamentally avoidable, and we don’t think innocent, hardworking staff should ever lose their livelihoods over mismanagement at the highest levels of a company. As previously reported, our parent company, Audacy, filed for bankruptcy at the beginning of this year after racking up $1.9 billion in debt. This same company also gave out at least $3.2 million in executive bonuses just months prior… Today, our union began the bargaining process where we will be fighting for the severance that our colleagues deserve — compensation that honors the immense time, skill, and creativity that each of them dedicated to the company over the years.”
amount raised brings the fundraising total to more than $4.2 million since 2010. Audacy Minneapolis SVP and market manager Jeff Gonsales says, “I couldn’t be prouder of everyone’s hard work on this event. This is yet another great example of how local radio can truly help change lives. We’re so grateful that WCCO can partner with Second Harvest Heartland and impact the community on such an amazing and rewarding day.”
talk KILT-AM “SportsRadio 610.” McClain’s role with the station included appearing on the station’s programs, writing stories for its website and co-hosting a podcast with station personality Sean Pendergast. The 72-year-old McClain tells the Chronicle that he’s not ready to leave the Houston radio market, adding, “I’ll see if people are interested. I’m a free agent now.” 
states, “We are excited to air ‘The Other Side of Midnight with Frank Morano.’ We were looking for a live, informative, interactive and entertaining show that will rekindle the joy of overnight radio.” Morano comments, “I’m excited to join the KMOX lineup and bring live programming to overnights in St. Louis. St. Louis is a terrific market and KMOX is a legendary talk station, with an incredible audience and history that goes back nearly a century. I’m looking forward to being a big part of their history when the chapter on their next century is written. We’re going to have a blast.”
February 5. In this role, Tatar will work closely with Houston SVP and market manager Sarah Frazier. She says, “I have admired Bill’s work in the Houston market for the past 15 years, so I am very excited about him joining our team. He has deep relationships in the market, a tremendous work ethic, and a creative mind that will help take our brands to the next level for both our consumers and partners.” Tatar has served with Cox Media Group in the Houston market since 2002.
The second of four rounds of ratings data from Nielsen Audio’s Holiday 2023 PPM survey has been released for 12 markets including Washington, Boston, Miami, Seattle, Detroit, Phoenix, Minneapolis, San Diego, Tampa, Denver, Baltimore, and St. Louis. The survey period covered December 7, 2023 – January 3, 2024. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Washington, Cumulus Media’s news/talk WMAL-FM dips four-tenths to a 3.1 share (weekly, 6+ AHQ share) but remains ranked #9, while Hubbard Broadcasting’s all-news WTOP-FM loses three-tenths to finish with a 6.3 share good for the #4 rank. In Boston, iHeartMedia’s news/talk WRKO added two-tenths for a 3.1 share finish that lifts it to the #9 rank, while sister all-news WBZ-AM declines four-tenths to a 4.7 share but remains ranked #5. In Detroit, Cumulus Media’s news/talk WJR rises one-tenth to a 2.4 share and climbs to the #15 rank, while Audacy’s all-news WWJ is steady at a 4.3 share and remains ranked #9. 
He’s been co-hosting the weekend “Mark and Kichen Show” with Ben Kichen at WEEI. Dondero says, “Obviously I’ve learned a ton from him (Kichen), about the radio business, talking in general. And I’ll say this: Ben Kichen is a star and an underrated talent in this business, whether you’ve heard of him or not. And it has been an absolute joy and pleasure to work with him on the air for almost seven years.” 
Kinkead and talking about Audacy’s impending bankruptcy. Kinkead reports that Audacy executives weren’t happy with Marks broaching the subject and consequently fired him from the CBS Sports Radio position. Marks told Kinkead, “I am no longer doing CBS Sports Radio because I was terminated by the company following the interview with you…. I wanted to be honest and candid about it. I didn’t rip the company. I wasn’t killing the company. I was very fair and spoke very highly of everybody that worked at WIP, and I wasn’t blaming Audacy (like) it was their fault, I was just talking about the financials of being in the radio business today…” 
WWL-AM/FM, sports talk WWWL-AM, and four music brands. Barron succeeds Kevin Cassidy, who was named SVP and market manager of Audacy Chicago in December. Additionally, Bob Mackay assumes the role of vice president of sales for Audacy Dallas after serving in the same post in Austin. And three regional presidents add responsibilities to their regions as Doug Abernethy picks up regional and direct oversight of Audacy Austin, Brian Purdy adds regional oversight for Audacy Chicago, Madison, and Milwaukee, and Mark Hannon assumes regional oversight of Audacy Minneapolis. Audacy COO Susan Larkin comments, “We have a very strong leadership team that has enabled us to make strategic changes and promote talent with multi-year track records of success. These leadership moves continue to position our local brands to deliver exceptional listener experiences and client value while reinforcing our commitment to excellence in the communities we serve.”
company’s existing $75 million accounts receivables financing facility to $100 million. The DIP financing, the upsize of the accounts receivables financing facility and the company’s cash from operations and available reserves will enable Audacy to fulfill commitments to employees, advertisers, partners and vendors. The court also authorizes Audacy to continue to pay employee wages, salaries and benefits without interruption and to pay vendors and suppliers. This latest news comes after the company entered into a restructuring support agreement (“RSA”) with a supermajority of its debtholders. Under the terms of the RSA, the debtholders committed to vote in favor of a plan of reorganization that, when consummated, will equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million. Audacy says it does not expect any operational impact from the restructuring, and trade and other unsecured creditors will not be impaired.
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.