Audacy, Inc. (the “Company” or “Audacy”) announced that it has successfully completed its financial restructuring, implementing a fully congenital, deleveraging transaction that equalized approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to $350 million
The Company emerges as a healthy, scaled, multi-platform leader in the dynamic audio sector, with total new leverage of approximately 2.7x, differentiated by its #1 position in exclusive, premium audio content.
Audacy will continue to be led by David J. Fried, its current President and CEO, and its existing management team. Field will also serve on the Company’s new Board of Directors.
“We are pleased to have successfully achieved all of our restructuring goals, emerging with an outstanding balance sheet, delivering industry-leading growth, serving our listeners and advertisers with excellence and honoring our commitments to employees and partners,” said David J. Field, President and CEO, Audacy.
“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. We are maximizing a broad set of opportunities to future accelerate our growth for the benefit of Audacy and all of its stakeholders.”
Audacy has continued to steadfastly execute its transformation strategy, inviting in talent, content, ad tech and its audio streaming platform to further enhance its competitive position and drive accelerated growth opportunities.
The Company is delivering industry-leading top-line and bottom-line growth, driven by significant gains in revenue shares, accelerated digital revenue growth, sustained audience share gains and prudent expense reductions to enhance operating margins despite ongoing challenges in he traditional advertising market. In the first half of 2024, the Company delivered Adjusted EBITDA growth of 128%.
Audacy continues building and enhancing its exclusive, premium content offerings, reaching over 200 million listeners. With a leading position in 45 of the largest U.S. markets the Company boasts a robust portfolio of more than 220 local radio bands with the premier and influential on-air talent.
Audacy Podcasts delivers award-winning hit shows, as well ad exclusive and expanded partnerships with leading podcasters, including Office Ladies, Fly On the Wall, Tenderfoot, The Moth, Amy Poehler, Glennon Doyle and Puck, and continues to be an audio partner of choice for brands, including HBO, Netflix, Amazon, the WNBA, Roc Nation, and the Metropolitan Museum of Art.
Audacy continues to launch exclusive digital content with numerous A-list artists and is further extending its unrivaled leadership position in sports audio, operating 40 leading local all-sports stations, the #1 Sports Podcast Network with 600+ titles and the Infinity Sports Network. Audacy is the flagship home of 37 pro teams and is the exclusive audio sales partner of Major League Baseball.
In conjunction with the completion of its restructuring, Audacy is expected to become a private company.