Audacy completes financial restructuring and will now go private
Radio network Audacy on Monday shared that it completed its financial restructuring, successfully reducing its approximately $1.9 billion of funded debt by 80%, to $350 million.
The Philadelphia-based company has seen bottom-line growth, which it said has been accomplished via gains in revenue shares, increased digital revenue growth, audience share gains and expense reductions.
Audacy will continue to be led by its current president and chief executive, David Field, as well as its existing management team.
“Today, Audacy embarks on our next chapter, capitalizing on our position as a scaled, multi-platform audio leader, differentiated by our exclusive, premium audio content, including our unrivaled leadership in sports audio, powered by our industry-leading financial strength and focused on accelerating our innovation and digital transformation,” Field said in a statement.
Audacy shared that it expects to become a private company.
Upon closing two parties will hold attributable stakes in the new Audacy. Laurel Tree Opportunities Corporation will hold at 57% controlling stake in the company. Led by trustees Leonard Benardo, Maryann Canfield, Alexander Soros, and Michael Vachon, the company is financed by the George Soros founded Fund for Policy Reform. Five Hour Energy founder Manoj Bhargava, who recently attempted a hostile takeover of Cumulus Media, will hold 9.5% through his MBX Commercial Finance LLC.
