A spokesperson for the radio giant, which filed for Chapter 11 bankruptcy restructuring in January, says the reductions will "best position our company for long-term growth.”
Soros Fund Management acquires a sizeable chunk of Audacy’s debt, roughly $414 million in total.
The company has reached a Chapter 11 bankruptcy deal that will reduce its debt from $1.9 billion to $350 million.
Facing a decline in revenue and owing $2 billion in debt, the radio company looks to restructure its balance sheet.
The company warned in May that its forecasted revenue “is unlikely to be sufficient” to maintain compliance with its debt covenants.
Newly delisted from the New York Stock Exchange, the radio giant's problems also stem from debt taken on following its 2017 merger with CBS Radio.
The radio company's shares haven't closed above $1 per share since July 2022.
National advertisers reduced marketing spending to mitigate economic headwinds in the second quarter, according to Cumulus Media CEO Mary Berner.
