Audacy, Inc. (AUD)

Audacy, Inc. was one of the largest radio broadcasters in the United States, operating hundreds of AM and FM stations along with podcasts, a streaming app and live events. It held stations in all of the top 15 US radio markets, with well known news and sports outlets among its holdings. The company was based in Philadelphia and traced its corporate roots to 1968.

For most of its public life the company was known as Entercom Communications and traded on the NYSE. In November 2017 Entercom combined with CBS Radio, which made it the second largest radio group in the country but also left it carrying a heavy debt load. In 2021 Entercom adopted the Audacy name to emphasize its digital audio ambitions, and its ticker changed to AUD.

Declining radio advertising, rising interest rates and more than a billion dollars of debt pressured the stock. On May 16, 2023 the NYSE suspended trading and began delisting proceedings because the share price had fallen to abnormally low levels. Audacy carried out a 1-for-30 reverse split on June 30, 2023, and the shares moved to the over-the-counter market under the symbol AUDA.

The company's appeal failed, and the NYSE filed to remove the stock in late October 2023, with the delisting taking effect around November 10, 2023. Audacy filed a prepackaged Chapter 11 case in the Southern District of Texas on January 7, 2024. The plan, confirmed in February 2024, cut its debt substantially and cancelled the existing common stock without any recovery for shareholders.

Audacy emerged from bankruptcy later in 2024 after receiving regulatory approval from the FCC, with ownership passing to its former lenders. It continues to operate its radio stations and digital audio business as a privately held company. The company's shares no longer trade on any public market, and former stockholders received nothing for their holdings under the reorganization plan.