Radio Giant Audacy, Files for Bankruptcy Protection.<br />Audacy, which owns over 200 radio stations around the country, filed for Chapter 11 bankruptcy protection in the Southern District of Texas on Jan. 7, CNBC reports. .<br />David Field, CEO of Audacy, <br />issued a statement.<br />Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company through our acquisition of CBS Radio and by building leading complementary positions in podcasting, audio networks, live events, digital marketing solutions and our direct-to-consumer streaming platform, David Field, CEO of Audacy, via statement.<br />While our transformation has enhanced our <br />competitive position, the perfect storm of <br />sustained macroeconomic challenges over <br />the past four years facing the traditional <br />advertising market has led to a sharp <br />reduction of several billion dollars <br />in cumulative radio ad spending, David Field, CEO of Audacy, via statement.<br />Those challenges "severely impacted our financial condition and necessitated our balance sheet restructuring," Field said.<br />Filing for Chapter 11 bankruptcy protection will allow the Philadelphia-based company to cut its debt load by about 80%, CNBC reports. .<br />That would bring its total debt load <br />from approximately $1.9 billion to <br />$350 million if approved by the court. .<br />Audacy is considered to be "one of the top radio broadcasters in the U.S," CNBC reports.<br />It is second only to iHeartMedia, <br />according to CNBC.<br />Some of its most notable stations <br />include L.A.'s KROQ and New York's <br />1010 WINS and WFAN Sports Radio
