Radio Decline in 2024: Delusioned, Delisted and Drowning in Debt (ep.312)

What this episode covers

Audacy will soon dive into bankruptcy, Salem Media delists and Beasley and Urban One are on the verge of being delisted. iHeart is still not out of their financial woes either. Commericial radio continues to roll into decline. Inside Radio reports: The Wall Street Journal reports that Audacy is gearing up to file for bankruptcy in the coming weeks, grappling with a significant decline in advertising revenue that has rendered it incapable of servicing its $2 billion debt load. The WSJ exclusive says Audacy has already successfully negotiated a prepackaged bankruptcy plan with its senior lenders, who are poised to provide the necessary financing for the impending Chapter 11 proceedings. As part of this arrangement, the senior lenders are anticipated to assume ownership of the company post-restructuring.The financial challenges faced by Audacy are rooted in diminishing revenue and widening net losses, primarily attributed to a downturn in ad spending. The company had previously cast doubt on its ability to operate as a going concern, citing concerns over its capacity to meet debt obligations based on its revenue forecasts for 2024.Contact KOP for professional podcast production, imaging, and web design services at http://www.kingofpodcasts.comSupport KOP by subscribing to his YouTube channel and search for King Of PodcastsFollow KOP on Twitter or Facebook @kingofpodcastsListen to KOP’s other programs, Depraved and Debaucherous… and the Wrestling is Real Wrestling Podcast.Become a supporter of this podcast: https://www.spreaker.com/podcast/the-broadcasters-podcast--3684131/support.Contact KOP for professional podcast production, imaging, and web design services at http://www.kingofpodcasts.comSupport KOP by subscribing to his YouTube channel and search for King Of PodcastsFollow KOP on X and TikTok @kingofpodcasts (F Meta!)Listen to KOP’s other programs, Podcasters Row… and the Wrestling is Real Wrestling Podcast and The Broadcasters Podcast.Buy KOP a Coffee https://buymeacoffee.com/kingofpodcastsDrop KOP a PayPal https://www.paypal.com/donate?hosted_button_id=3TAB983ZQPNVLDrop KOP a Venmo https://account.venmo.com/u/kingofpodcastsDrop KOP a CashApp https://cash.app/$kingofallpodcasts

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