Business

Radio giant, owner of WEEI and more, files for bankruptcy

Audacy owns more than 200 stations in 45 markets and boasts more than 3.5 million monthly broadcast listeners in Boston.

January 8, 2024

1 minute to read

Audacy, a radio and podcast giant that owns multiple Boston stations, filed for bankruptcy with almost $2 billion in debt, the company announced Sunday.

The Philadelphia-based company owns more than 200 stations in 45 markets and boasts more than 3.5 million monthly broadcast listeners in Boston. Boston-area stations include sports coverage with WEEI, Big 103 classic hits, Magic 106.7 adult contemporary, and Mix 104.1 variety.

The company announced that through a bankruptcy agreement, they will be restructuring more than 80% of their debt. Audacy is entering an restructuring agreement with their debtholders to leave the company with $350 million in debt, down from $1.9 billion.

Audacy’s prepackaged bankruptcy deal means the company has already filed plans to reorganize with approval from the majority of their debtholders, a spokesperson said.

Chairman, President and CEO of Audacy David Field said a change in the traditional advertising market is in part to blame for the “perfect storm” that led the company to billions in debt.

“These market factors have severely impacted our financial condition and necessitated our balance sheet restructuring. With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business,” Field said in a release.

The second-largest radio company said operations are expected to continue normally. The company also operates stations in Cape Cod, Providence, and New Hampshire.