Advertising revenue plummets, US broadcasting giant Audacy applies for bankruptcy protection to reduce 80% of its debt
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Audacy, the American broadcasting and podcasting giant, announced last Sunday that it has filed for bankruptcy protection in Texas to reduce its debt. The restructuring agreement will reduce Audacy's total debt by 80%, to approximately $350 million. The company expects the restructuring to have no impact on its operations and assures that the transactions and other unsecured creditors will not be harmed. Audacy owns hundreds of radio stations and is one of the top broadcasting companies in the United States. Due to weak advertising revenue, the company has recently faced difficulties.
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