Audacy Faces Impending Bankruptcy as Debt Woes Mount
Houston, TX – Audacy, one of the largest radio owners, is reportedly preparing to file for bankruptcy protection, as it struggles to pay back its $2 billion debt. The Wall Street Journal highlighted the radio broadcaster’s ongoing financial losses, with a reported loss of $281.7 million in the third quarter of 2023. This potential bankruptcy filing follows a 2017 merger with CBS Radio, which burdened Audacy with $1.5 billion in debt. In California, the Franciscan Friars have filed for Chapter 11 bankruptcy after facing nearly 100 sexual-abuse lawsuits. These lawsuits, mostly filed within the past … Read more