Owner of six Bay Area radio stations files for bankruptcy

FILE: The radio and podcast giant that owns Bay Area radio stations KCBS, 102.1 Jams and 95.7 The Game filed for bankruptcy.

NurPhoto/NurPhoto via Getty Images

The radio and podcast giant that owns Bay Area radio stations KCBS, 102.1 Jams and 95.7 The Game has filed for bankruptcy.

Philadelphia-based Audacy announced it filed for Chapter 11 bankruptcy protection – often called “reorganization bankruptcy” – on Sunday, claiming $1.9 billion in debt. The company plans to slash that figure to $350 million by restructuring, according to a statement it shared

With some 235 stations, Audacy sits alongside iHeartRadio as one of the largest radio companies in the country. Audacy’s properties include six Bay Area radio stations. KCBS, a San Francisco news radio station, boasts over a million monthly listeners, as does Alice 97.3, which hosts the popular “Sarah and Vinnie” morning show. 95.7 The Game has been broadcasting sports content since 2011, and 102.1 Jams brands itself as a classic hip hop station. Live 105 is credited as a pioneering alt-rock station. Channel Q broadcasts LGBTQ+ news and podcasts. 

Advertisement

Article continues below this ad

In the company’s statement, CEO David Field blamed a “perfect storm of sustained macroeconomic challenges” for Audacy’s financial woes. Radio ad revenue has dried up in recent years, he said, which has “severely impacted our financial condition.” 

“We believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business,” he added.

Although the filing could signal challenges for the Bay Area stations under Audacy’s ownership, it’s possible that business will continue as usual. Chapter 11 bankruptcy filings allow companies to maintain control of their businesses while they work to pay off their debts. As the San Francisco Chronicle noted, iHeartRadio filed for Chapter 11 bankruptcy in 2018 and remained financially solvent. (The Chronicle and SFGATE are both owned by Hearst but have separate newsrooms.)

“Audacy expects to operate normally during this restructuring process under its current leadership team,” the company wrote in its statement.

Advertisement

Article continues below this ad

FOLLOW US ON GOOGLE NEWS

Read original article here

Denial of responsibility! Todays Chronic is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – todayschronic.com. The content will be deleted within 24 hours.

Leave a Comment