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 were
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.
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.
“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.” 
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. 
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. 
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. 
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.”