Audacy is preparing to file for bankruptcy within weeks after declining advertising revenue made the radio network unable to service its nearly $2 billion debt load, according to people familiar with the matter.
Philadelphia-based Audacy has reached an agreement with its senior lenders for a prepackaged bankruptcy plan, the people said. The lenders will provide financing for the proceedings and are expected to own the company following the restructuring, they said.
Audacy bought CBS Radio on November 17, 2017. Audacy also owns KKWF 100.7 The Wolf, KSWD FM 94.1 The Sound, KNDD 107.7 The End, KHTP Hot 103 (one of the first Entercom-owned stations then known as KBRD FM), and KISW 99.9 locally.
The Wall Street Journal is reporting that Audacy has reached an agreement with its senior lenders for a prepackaged Chapter 11 bankruptcy plan set to be filed in the next couple of weeks.
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