Industry News

TALKERS News Notes

“The Stephen A. Smith Show” moves from Audacy’s Cadence 13 to iHeartMedia’s iHeartPodcast Network for distribution. The show is produced by Smith’s Mr. SAS with Smith serving as executive producer.

Hannah Brummer joins TM Studios’ affiliate relations department serving under senior affiliate relations director Steve Kaufman.

Baltimore Public Media officially launched yesterday (2/26). The move unites radio stations WYPR and WTMD under a single, dynamic umbrella branded “Your Public Media” more than three years after the November 2021 acquisition of WTMD-FM from Towson University. Currently serving as president and GM for the company is former CBS News Radio vice president and general manager Craig Swagler.

Beasley Media Group promotes Luis “Speedy Jr” Gonzalez to director of video and audio production for its Tampa Bay cluster.

Industry News

Rob Parker to Build Detroit Sports Talker with Black Talent

This story was first reported by the Detroit News last week. Awful Announcing summarizes the piece as sports media personality Rob Parker and retired NBA player and current agent B.J. Armstrong areim building “Sports Rap Radio” to air on Audacy’s WXYT-AM, Detroit with a target launch of mid-May. In what will likely be a first in sports talk radio, the lineup of air talent will be all-Black. WXYT-AM currently airs Audacy’s BetQL Network programming. Parker is quoted by the Detroit News saying, “It will be young people getting opportunities and former athletes, from Detroit or with ties to Detroit.” The lineup will be local from 7:00 am to 7:00 pm and will segue into FOX Sports Radio’s “The Odd Couple” featuring Parker and Chris Broussard at 7:00 pm. Parker plans to fill the overnight hours with podcasts featuring Black hosts. Read the Awful Announcing story here.

Industry News

Bill Smee Steps Down from VP News Role at Audacy

In a post on LinkedIn, media pro Bill Smee announces he’s stepped down from his vice president of news post at Audacy to pursue consulting and project management work. He writes: “I’m happy to announce that I’m moving into a new professional chapter: I’ve stepped down as VP of news at Audacy and I am diving back into the strategic consulting and project management work that I enjoyed for a number of years. It has been incredibly rewarding to work these last four years with so many talentedim and passionate people within Audacy’s newsrooms and across the larger company. And I’m proud of our collective accomplishments: building out digital and podcasting capacity; integrating broadcast and digital teams within newsrooms; strengthening communication and collaboration across a network of brands; navigating the first wave of AI; and creating new revenue opportunities in partnership with sales teams. All of this was done while delivering over and over in high-leverage, breaking news situations and racking up awards that validate Audacy’s local news brands as best in class. The challenges for media and journalism these days — and for local news in particular — are profound, and the stakes are high. But there are new frontiers on the horizon, and we can deploy innovative ways of thinking about how we do what we do. As always, I’m excited to explore those frontiers and draw on my many years of strategic and operational experience to help media brands and other organizations find a way forward.”

Industry News

Judge Approves Audacy Reorganization Plan

As expected, United States Bankruptcy Court for the Southern District of Texas Judge Christopher M. Lopez approved Audacy’s Chapter 11 reorganization plan in which Audacy will equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million. Prior to yesterday’s hearing, there were only two objections to the plan filed and both wereim settled beforehand. Audacy expects to emerge from the Chapter 11 process after approval from the FCC. Audacy chairman, president and CEO David J. Field says, “Today’s announcement marks a powerful step forward for Audacy, positioning the company for an exciting future. As expected, we have achieved a speedy confirmation of our prepackaged Plan, which will enable Audacy to pursue our strategic goals and opportunities in the dynamic audio business. We aim to drive accelerated growth and financial performance, capitalizing on our scaled, leadership position, our uniquely differentiated premium audio content and the robust capital structure that we will have upon emergence. I also want to express my gratitude to our team, who continue their outstanding work to serve our listeners and customers with excellence and fulfill our commitments without missing a beat.” The company notes that under the Plan, trade and other unsecured creditors will not be impaired.

Industry News

KDKA-AM, Pittsburgh’s Marty Griffin Hospitalized

KDKA-AM, Pittsburgh morning drive co-host Marty Griffin is currently off the air at the Audacyim news/talk outlet and has been admitted to the hospital at UPMC dealing with what he called “crazy, insane” pain in his throat. Griffin, who battled throat cancer several years ago and has been in remission, says that late last week he couldn’t swallow anything and that the pain was something he never felt in his life. At this time, Griffin has been diagnosed with pneumonia, but doctors are also trying to determine if he has an infection of if the cancer has returned.

Industry News

WXYT-FM, Detroit’s Mike Stone Signs Off

Longtime Detroit sports media personality Mike Stone, a.k.a., Stoney, co-hosted his last show on Friday (2/16) as he retires from Audacy’s WXYT-FM, Detroit “97.1 The Ticket.” The Detroit News report says,im “He arrived in the area in 1986, and in 1994, he helped launch WDFN ‘The Fan.’ In the late 1990s, he teamed with Bob Wojnowski for the ‘Stoney and Wojo Show,’ that made Stone a household name for decades to come.” Stone told his listeners, “I am somewhat sad that I will not be on the air every day. But I know that sadness ends when there’s no fricking alarm at 4:30 in the morning.” Read the Detroit News’ coverage here.

Industry News

Nielsen: Radio Can Grow Reach of Political Campaigns

Audacy SVP and head of research & insights Idil Cakim dives into a new political study by Nielsen (commissioned by iHeartMedia, Audacy and Cumulus) that suggests advertising on radio can provide political campaigns with an edge and help “connect with key voter groups and amplify other political advertising.” The Nielsen study – Optimizing Political Campaigns in November – concludes that “if a campaign reallocated 20% of existing ad dollars to radio, it couldim reach 17% more voters.” The study references Pennsylvania Senator John Fetterman’s 2022 campaign, noting that it deployed radio to reach voters in Philadelphia and Pittsburgh. In doing so, it allocated 20% of media dollars to radio and generated a 10% lift from radio above the local TV campaign, amounting to 676,000 additional voters at no extra cost. Audacy SVP of strategy, partnerships and analytics Jon Blum says, “When campaigns activate a TV plan, they should activate a corresponding radio plan and incorporate it into the mix with TV. The portion of the population that isn’t reachable via TV could be the swing vote and what throws it over the top for a candidate.” Nielsen’s study noted that if a campaign moved 20% of ad spending to radio, the optimized media plan would connect with 15% more Democratic and Republican voters and 23% more unaffiliated voters. See more about the study here.

Industry News

WSCR, Chicago to Present “QB1 Town Hall”

Audacy sports talk WSCR-AM, Chicago “670 The Score” is addressing what’s on every Chicago sports fan’s mind as it presents a live broadcast of the “Parkins & Spiegel Show” (Danny Parkins and Matt Spiegel) called, “QB1 Town Hall.” The Wednesday (2/21) broadcast looks at whether the Chicago Bearsim should keep quarterback Justin Fields or trade him in the upcoming draft for the #1 pick. Parkins and Spiegel will kick off the discussion from Audacy Chicago’s Blue Cross Blue Shield Performance Stage from 2:00 pm to 6:00 pm. Football experts and a live audience will join Parkins and Spiegel to weigh in on the looming decision. “The Score” ran a contest this week for a chance to attend the “QB1 Town Hall.” These winners will make up the crowd that will have the opportunity take part in the debate. WSCR VP of programming Mitch Rosen says, “This decision will determine the entire season’s trajectory and the fans are passionate about their views on it. We’re looking forward to opening up this conversation to our listeners and Bears faithful.” The show is being made available via the Audacy app & website, the station’s Twitch, and YouTube channels.

Industry News

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. Theim  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.

Industry News

Audacy Stations and Talent Receive PAB Honors

Audacy stations and hosts in Pennsylvania received 15 2024 Excellence in Broadcasting Awards fromim the Pennsylvania Association of Broadcasters. They include: WPHT, Philadelphia afternoon host Rich Zeoli and the morning show “Kayal & Company” both receiving 2024 Outstanding Local Radio Personality/Team honors, and news/talk KDKA-AM, Pittsburgh and all-news KYW-AM/FM, Philadelphia both receiving several programming honors. Recipients will celebrate at a luncheon in May.

Industry News

Audacy Seeks to Sell Boston Real Estate

Audacy petitions the U.S. Bankruptcy Court to allow it to sell real estate as it winds its way through Chapter 11 reorganization. It is selling its tower site in the Boston suburb of Needham to ATS-Needhamim LLC for $3.5 million and its Boston real estate – the location of its radio station offices – at 83 Leo M. Birmingham Parkway – to 83 Leo Property Owner LLC for $18.1 million. Audacy will lease back the studio property for a base rent of $40,000 per month. A hearing before U.S. Bankruptcy Judge Christopher Lopez is scheduled for February 20.

Industry News

TALKERS News Notes

Cumulus Media Inc will host a conference call on February 27 at 8:30 am ET to discuss its fourth quarter and full year 2023 operating results. A press release containing a summary of these results will be issued before the call at approximately 8:00 am ET.

Audacy announces that according to Triton Digital’s U.S. Podcast Report 2023, it is the number one sports podcast network, based on average monthly downloads for all networks measured in Triton’s U.S. Podcast Ranker from January to December 2023. Audacy says, “With over 600 titles in its portfolio, Audacy boasts three times more sports podcasts than any competitor and is the industry’s largest provider of sports content.”

Industry News

KDKA-AM, Pittsburgh PD Dave LaBrozzi Announces Retirement

Via a message on Facebook, programming pro Dave LaBrozzi – currently brand manager for Audacy’s news/talk KDKA-AM, Pittsburgh – announces he’ll retire in early April. He writes, “I look back with gratitude. It began a long, long time ago at 1250 WLEM in my small wooded hometown of Emporium,im 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…”

Industry News

Audacy Won’t Challenge BMI Merger in Exchange for $25.4 Million in Stock

A bankruptcy court judge is agreeing to Audacy’s settlement with BMI in which Audacy agrees not to challenge BMI’s pending merger in exchange for at least $25.4 million in BMI stock. This comes as Audacy makes its way through the Chapter 11 proceedings and addresses both the audit dispute and fee dispute Audacy has with BMI. Regarding the audit dispute over how many BMI shares Audacy owns,im 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.”

Industry News

TALKERS News Notes

Audacy announces the launch of “One Handshake Away: Peter Bogdonavich & The Icons of Cinema,” a seven-part limited-run series featuring Academy Award-nominated director, writer, actor, producer, critic, and film historian Peter Bogdanovich in conversation with some of the greatest directors past and present including Orson Welles, Greta Gerwig, Quentin Tarantino, and Alfred Hitchcock from both new and never-before-heard archival interviews.

BIN: Black Information Network and iHeartMedia announce “Black Land,” a new podcast that will “look into the lives of ordinary people and bring to life their extraordinary tales of triumph and circumstance through the lens of community.” Hosted by Emmy-award winning, BIN: Black Information Network journalist Vanessa Tyler, the new series will dive deep into uncharted stories and give an overdue and deserving voice to those who have often experienced the other side of the American dream. Tony Coles, president, BIN: Black Information Network, says, “These stories are not just important – they are essential. We will continue to use this platform to amplify marginalized voices, foster understanding and contribute to a more inclusive, understanding, and compassionate world.”

Industry News

Audacy and Veritonic Renew Relationship

Audacy and audio analytics and research platform Veritonic announce they have renewed their partnership. Audacy SVP of research and insights Idil Cakim comments, “Measuring the impact of ourim 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.”

Industry News

WGAE Responds to Audacy’s Pineapple Street Layoffs

The union that represents writes at Audacy-owned podcast division Pineapple Street Studios is denouncing the company’s decision to eliminate a dozen positions. Writers Guild of America East says, “The Pineapple Street Union is devastated by yesterday’s layoffs, which impacted 12 talented colleagues — 11 of them within our union. This comes just six months after the company laid off threeim 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.”

Industry News

WCCO, Minneapolis Helps Raise $443,000 to Fight Hunger

Audacy’s news/talk WCCO-AM, Minneapolis helped raise more than $443,000 to benefit Second Harvest Heartland during its 15th annual “Let’s Kick Hunger Day Radiothon” yesterday (2/1). Theim 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.”

Industry News

TALKERS News Notes

Research Director, Inc promotes Nicole Somerville to chief operating officer. Somerville joined the company in July of 1998 and has held several prominent positions over the past 25-plus years. In 2022, she began her role as data and production manager where she oversaw the process of transforming raw data into specific, actionable client deliverables.

iHeartPodcasts, Dan Patrick, and Never Ever Productions announce the addition of “Playing Dirty: Sports Scandals” to The Dan Patrick Podcast Network. The new podcast features stories from the dark side of sports – from passport doping and armed assault to car chases and sex scandals. The series is narrated by veteran ESPN personality Jay Harris and written by Emmy Award-winning sports broadcaster Jenn Brown and federal prosecutor Francey Hakes.

Audacy launches “Superfly,” a new, weekly spinoff of the comedy podcast, “Fly on the Wall,” created and hosted by Dana Carvey and David Spade. On “Superfly,” Carvey and Spade will riff on current events, pop culture, social clips, and audience submissions with their trademark hilarity, absurdity, and impressions, with guests appearing from time to time.

Industry News

“SportsRadio 610” in Houston Releases Contributor John McClain

According to a report in the Houston Chronicle, longtime pro football writer and broadcaster John McClain – who retired from the Chronicle in 2022 – is being let go from his role with Audacy’s sportsim 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.” Read the Chronicle story here.

Industry News

Frank Morano Added to KMOX, St. Louis Lineup

Red Apple Audio Networks nationally syndicated overnight talk host Frank Morano’s program is added to the nightly lineup at Audacy’s heritage news/talk KMOX, St. Louis. “The Other Side of Midnight with Frank Morano” airs on the station from 1:00 am to 5:00 am. KMOX brand manager Steve Mooreim 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.”

Industry News

TALKERS News Notes

Audacy files applications for entry of an order authorizing the retention and employment of four firms with the bankruptcy court. Those include Porter Hedges LLP as co-counsel for the debtors, FTI Consulting Inc as financial advisor to the debtors, PJT Partners LP as investment banker to the debtors, and Latham & Watkins LLP as bankruptcy co-counsel for the debtors and debtors in possession.

Benztown, P1 Media Group, and Global Radio Ideas Facebook Group are hosting a free webinar for radio professionals around the globe, titled, “How Radio Talent Can Survive and Thrive in 2024.” It features special guest Paul Anderson, CEO of Workhouse Media. The 40-minute webinar will be hosted by Benztown CEO Andreas Sannemann and P1 Media Group partner Ken Benson. Get more info and register here.

AUN Television Network president and CEO Rick Trader announces the launch of a 12-part special designed to educate Americans about the Constitution and its amendments. Titled, “Our Country, Our Freedoms, Our Constitution: Lessons for Freedom,” the programs debut on February 4 across the network and its 11 broadcast television stations.

New England Public Media unveils a new, weekly radio show and podcast called, “The Rundown with Carrie Saldo,” that premieres Friday (2/2) 9:00 am to 10:00 am following NPR’s “Morning Edition” on WFCR-FM, Amherst, Massachusetts “88.5 NEPM.” The station says, “Each week, listeners will hear a lively conversation with reporters from newsrooms around western Massachusetts, giving their take on the news and events that shaped the week, and providing analysis, context, insights, and varying perspectives.”

Industry News

Audacy Names Bill Tatar Houston Regional Promotions Director

Promotions pro Bill Tatar joins Audacy as regional promotions director for its Houston market, effectiveim 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.

Industry News

Round Two of Holiday 2023 PPMs Released

imThe 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. See Mike Kinosian’s complete Ratings Takeaways from this group of markets here.

Industry News

Round One of Holiday 2023 PPM Ratings Released

imThe first of four rounds of ratings data from Nielsen Audio’s Holiday 2023 PPM survey has been released for 12 markets including New York, Los Angeles, Chicago, San Francisco, Dallas, Houston, Atlanta, Philadelphia, Nassau-Suffolk (Long Island), Riverside-San Bernardino-Ontario, San Jose, and Middlesex-Somerset-Union (New Jersey). The ratings 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 New York, Red Apple Media’s news/talk WABC adds two-tenths to finish with a 3.0 share (weekly, 6+ AQH share) and remains ranked #11, while iHeartMedia’s news/talk WOR tacks on one-tenth for a 1.2 share finish good for the #21 rank, and Audacy’s all-news WINS-FM falls two-tenths to a 3.9 share but rises to the #9 rank. In Los Angeles, iHeartMedia news/talk KFI loses half a share to finish with a 4.6 share pulling it from the #2 to the #4 rank, while Audacy’s all-news KNX-AM/FM loses two-tenths to finish with a 2.5 share good for the #12 rank. In Chicago, Nexstar Media Group’s news/talk WGN-AM dips two-tenths for a 2.6 share finish leaving it ranked #11, while Cumulus Media’s news/talk WLS-AM is steady at a 1.7 share good for the #19 rank, and Audacy’s all-news WBBM-AM/WCFS-FM loses three-tenths to finish with a 4.9 share and remaining ranked #4. See Mike Kinosian’s complete Ratings Takeaways here.

Industry News

Boston Sports Talker Mark Dondero to Join “98.5 The Sports Hub”

The Boston Herald reports that sports talk host Mark Dondero is leaving Audacy’s sports talk WEEI, Boston to join Beasley Media Group’s crosstown WBZ-FM “98.5 The Sports Hub,” as a weekend host.im 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.” Read the Herald story here.

Industry News

Report: Jon Marks Booted from CBS Sports Radio Gig by Audacy Brass

Former WIP, Philadelphia afternoon drive sports talk host Jon Marks – who left his daily gig with the Audacy station for personal reasons but planned to continue his weekend work with CBS Sports Radio Network – was ousted from the CBS gig after appearing on a talk show with Crossing Broad’s Kevinim 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…” Read the Crossing Broad piece here.

Industry News

Audacy Announces Market Leadership Moves

Audacy announces “strategic leadership updates and promotions to bolster the company’s commitment to its local markets.” Gina Massenzi is promoted to SVP and market manager for Las Vegas that includes news/talk outlets KDWN and KXNT and four music brands. She has been serving the cluster as director of sales. Dan Barron rises to SVP and market manager for New Orleans that includes news/talkim 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.”

Industry News

TALKERS News Notes

Audacy sports talk KRLD-FM, Dallas-Fort Worth “105.3 The Fan” announces a multi-year extension to its flagship broadcast and digital partnership with the MLB’s world-champion Texas Rangers through 2027. As part of the extended partnership, English broadcasts of Rangers baseball will continue to be heard on “105.3 The Fan” and streamed digitally via the Audacy app for fans within the Rangers broadcast territory.

PodcastOne announces the January 24 premiere of “Varnamtown,” a limited eight-episode true crime genre podcast from Epic Magazine, Picture Perfect Federation and Full Picture. Hosted by Golden Globe Award winning actor Kyle MacLachlan and investigative journalist Joshua Davis, the series tells the little-known story of a small fishing village in North Carolina that reputedly did a deal with drug kingpin Pablo Escobar.

Audacy and Amy Poehler’s Paper Kite Podcasts announce the launch of “The Chris Chatman Do-Over,” an improvised comedy podcast series starring actor, comedian, writer, director, and producer Ike Barinholtz. In the series, Barinholtz plays controversial shock jock Chris Chatman striving to improve his reputation after his hit podcast is canceled. Guest stars include Fred Armisen, Ashley Nicole Black, Jessica St. Clair, Ego Nwodim, Busy Philipps, and Alice Stanley, Jr.

iHeartMedia and Charlamagne Tha God announce that the podcast “Woman Evolve with Sarah Jakes Roberts” joins The Black Effect Podcast Network. Charlamagne Tha God says, “The way she is able to showcase the intersectionality between GOD, faith, the word and how to navigate our mental health is extremely powerful. It is a privilege and honor to partner with ‘Woman Evolve’ and assist in amplifying her life changing messages.”

AdLarge announces today that “Infertile AF” has joined the company’s podcast portfolio. The program is hosted by New Jersey-based journalist, author and mother of two, Ali Prato, who keeps it “very real” while diving into the messy, frustrating, painful, absurd and sometimes humorous journey to have a baby. Or in some cases, to not have a baby.

The Alliance for Women in Media Foundation extends the deadline to submit entries for the 49th Annual Gracie Awards through January 25 (11:59 pm ET). The regular deadline, with no additional fee, is January 18 (11:59 pm ET). The Gracie Awards, presented by AWMF, has recognized programming and individual achievement by women across all media for nearly five decades. Submissions from television, streaming, radio, audio, and digital media are encouraged.

Industry News

Audacy Receives Approval of “First Day” Motions

Audacy obtains approval from the United States Bankruptcy Court for the Southern District of Texas for all first day motions related to its prepackaged Chapter 11 proceedings. As part of these motions, the Court grants Audacy access to $57 million in financing from certain of its existing lenders. This financing is comprised of a new $32 million debtor-in-possession (“DIP”) term loan and a $25 million upsize of theim 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.

Industry News

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 11im 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.”

Industry News

CBS News Radio and Audacy Sign New Multi-Year Deal

A new, multi-year agreement is signed by CBS News Radio and Audacy that will keep CBS News Radio’s global news coverage heard on 27 Audacy stations that includes all-news outlets WCBS-AM,im 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.”