Audacy announced today that it has successfully completed its financial restructuring, implementing a fully consensual, deleveraging transaction that equitized approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to $350 million. The Company emerges as a healthy, scaled, multi-platform leader in the dynamic audio sector, with total net leverage of approximately 2.7x, differentiated by its #1 position in exclusive, premium audio content.
Audacy will continue to be led by David J. Field, its current President and CEO, and its existing management team. Field will also serve on the Company’s new Board of Directors.
“We are pleased to have successfully achieved all of our restructuring goals, emerging with an outstanding balance sheet, delivering industry-leading growth, serving our listeners and advertisers with excellence and honoring our commitments to employees and partners,” said Field. “Today, Audacy embarks on our next chapter, capitalizing on our position as a scaled, multi-platform audio leader, differentiated by our exclusive, premium audio content, including our unrivaled leadership in sports audio, powered by our industry-leading financial strength and focused on accelerating our innovation and digital transformation. We are maximizing a broad set of opportunities to further accelerate our growth for the benefit of Audacy and all of its stakeholders.”
Audacy has continued to steadfastly execute its transformation strategy, investing in talent, content, ad tech and its audio streaming platform to further enhance its competitive position and drive accelerated growth opportunities. The Company is delivering industry-leading top-line and bottom-line growth, driven by significant gains in revenue shares, accelerated digital revenue growth, sustained audience share gains and prudent expense reductions to enhance operating margins despite ongoing challenges in the traditional advertising market. In the first half of 2024, the Company delivered Adjusted EBITDA growth of 128%.
