Audacy, Inc. (the “Firm” or “Audacy”) announced that it has efficiently accomplished its monetary restructuring, implementing a completely congenital, deleveraging transaction that equalized roughly $1.6 billion of funded debt, a discount of 80% from roughly $1.9 billion to $350 million
The Firm emerges as a wholesome, scaled, multi-platform chief within the dynamic audio sector, with whole new leverage of roughly 2.7x, differentiated by its #1 place in unique, premium audio content material.
Audacy will proceed to be led by David J. Fried, its present President and CEO, and its present administration staff. Subject can even serve on the Firm’s new Board of Administrators.
“We’re happy to have efficiently achieved all of our restructuring targets, rising with an impressive steadiness sheet, delivering industry-leading progress, serving our listeners and advertisers with excellence and honoring our commitments to staff and companions,” mentioned David J. Subject, President and CEO, Audacy.
“At present, Audacy embarks on our subsequent chapter, capitalizing on our place as a scaled, multi-platform audio chief, differentiated by our unique, premium audio content material, together with our unmatched management in sports activities audio, powered by our industry-leading monetary energy and targeted on accelerating our innovation and digital transformation. We’re maximizing a broad set of alternatives to future speed up our progress for the advantage of Audacy and all of its stakeholders.”
Audacy has continued to steadfastly execute its transformation technique, inviting in expertise, content material, advert tech and its audio streaming platform to additional improve its aggressive place and drive accelerated progress alternatives.
The Firm is delivering industry-leading top-line and bottom-line progress, pushed by important features in income shares, accelerated digital income progress, sustained viewers share features and prudent expense reductions to reinforce working margins regardless of ongoing challenges in he conventional promoting market. Within the first half of 2024, the Firm delivered Adjusted EBITDA progress of 128%.
Audacy continues constructing and enhancing its unique, premium content material choices, reaching over 200 million listeners. With a number one place in 45 of the biggest U.S. markets the Firm boasts a sturdy portfolio of greater than 220 native radio bands with the premier and influential on-air expertise.
Audacy Podcasts delivers award-winning hit exhibits, as properly advert unique and expanded partnerships with main podcasters, together with Workplace Girls, Fly On the Wall, Tenderfoot, The Moth, Amy Poehler, Glennon Doyle and Puck, and continues to be an audio companion of alternative for manufacturers, together with HBO, Netflix, Amazon, the WNBA, Roc Nation, and the Metropolitan Museum of Artwork.
Audacy continues to launch unique digital content material with quite a few A-list artists and is additional extending its unmatched management place in sports activities audio, working 40 main native all-sports stations, the #1 Sports activities Podcast Community with 600+ titles and the Infinity Sports activities Community. Audacy is the flagship dwelling of 37 professional groups and is the unique audio gross sales companion of Main League Baseball.
Along side the completion of its restructuring, Audacy is anticipated to develop into a non-public firm.
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