Radio Insight reports that the Audacy group filed for bankruptcy to reorganize in order to service its $2.66-billion debt load. Another $926-million of debt will mature later this year. Audacy management said it has restructured its debt with a “supermajority” of its debtors in order to reduce its service payments to a realistic level.

A memo to employees said, “Audacy will operate normally during this process. There will be no disruption to your wages and benefits. Our current leadership team will continue to lead the Company, and day-to-day roles and responsibilities will not change. Overall, it will be business as usual….”

It’s no secret that the broadcasting industry has been hit hard with reduced advertising spending as alternative media, such as streaming, grab a bigger slice of the listening audience pie. 

In San Diego, Audacy stations include KBZT  “Alt 94.9”, KYXY 96.5, KWFN “97.3 The Fan”, KXSN “Sunny 98.1”, and KSON 103.7 “New Country.” These stations were derived from CBS and Lincoln Financial ownership that consolidated through a merger with Entercom in 2017, then rebranding as Audacy in 2021. Audacy manages 235 radio stations in 48 markets, according to Inside Radio.