What Happened to Audacy (formerly Entercom)?
Audacy, formerly known as Entercom, is the second-largest radio company in the United States, which underwent a significant transformation from a traditional broadcaster to a multi-platform audio content and entertainment company. After struggling with substantial debt and declining traditional advertising revenues, the company filed for Chapter 11 bankruptcy in January 2024 and successfully emerged as a private entity in September 2024, significantly reducing its debt and appointing new leadership in early 2025.
Quick Answer
Audacy, previously Entercom, navigated severe financial challenges, including a heavy debt load and a decline in traditional radio advertising. This led to its delisting from the NYSE in late 2023 and a Chapter 11 bankruptcy filing in January 2024. The company successfully emerged from bankruptcy as a private entity in September 2024, having reduced its debt by approximately $1.6 billion. As of March 2026, Audacy is led by CEO Kelli Turner and is focused on digital growth and its extensive portfolio of radio stations and podcasts.
📊Key Facts
📅Complete Timeline13 events
Founded as Entercom Communications Corp.
Joseph M. Field established Entertainment Communications Inc., later known as Entercom Communications Corp., with a vision to build a network of local radio stations.
Merger with CBS Radio
Entercom merged with CBS Radio, significantly expanding its portfolio to over 230 stations and becoming the second-largest radio company in the U.S. This acquisition also brought substantial debt.
Rebranded as Audacy
Entercom Communications Corp. officially rebranded as Audacy, Inc., to reflect its transformation into a multi-platform audio content and entertainment company, moving beyond traditional radio. The Radio.com app was also rebranded as the Audacy app.
NYSE Ticker Symbol Change
Audacy's ticker symbol on the New York Stock Exchange changed from 'ETM' to 'AUD' to align with its new brand identity.
NYSE Trading Halted and Delisting Proceedings Initiated
The New York Stock Exchange halted trading of Audacy shares and began delisting proceedings due to the company's common stock trading at an 'abnormally low' share price, failing to meet listing standards.
Implemented 1-for-30 Reverse Stock Split
Audacy implemented a reverse stock split to boost its share price and attempt to regain compliance with NYSE listing standards.
Official Delisting from NYSE
Audacy's appeal against delisting was denied, and its Class A common stock was officially delisted from the New York Stock Exchange, subsequently trading over-the-counter under the symbol 'AUDA'.
Filed for Chapter 11 Bankruptcy
Audacy filed for prepackaged Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas, aiming to reduce its debt by approximately $1.6 billion.
Bankruptcy Plan Confirmed by Court
The U.S. Bankruptcy Court confirmed Audacy's prepackaged plan of reorganization, a critical step towards emerging from bankruptcy.
Emerges from Bankruptcy as a Private Company
Audacy successfully completed its financial restructuring, emerging from Chapter 11 bankruptcy as a privately owned company after equitizing approximately $1.6 billion of funded debt.
David Field Steps Down; Kelli Turner Appointed Interim CEO
David Field, long-serving President and CEO, stepped down from his role. Kelli Turner, a member of Audacy's board, was appointed as the interim President and CEO.
Kelli Turner Appointed Permanent CEO
Kelli Turner was officially named the permanent President and Chief Executive Officer of Audacy, following her interim period, as part of a broader executive shake-up.
CJ Robinson Elevated to Brand Manager Mix 105.1 Orlando
Audacy announced the elevation of CJ Robinson to Brand Manager of Mix 105.1 in Orlando, highlighting the company's ongoing operational management and talent development.
🔍Deep Dive Analysis
Audacy's journey is a compelling case study in media industry transformation and financial restructuring. Founded in 1968 as Entercom Communications Corp., the company steadily grew its portfolio of radio stations, focusing on localized content and advertising. A pivotal moment came in November 2017 when Entercom merged with CBS Radio, significantly expanding its reach and making it the second-largest radio company in the U.S.. This acquisition, while strategic, also contributed to a substantial debt burden.
In March 2021, Entercom rebranded as Audacy, Inc., a move intended to reflect its evolution into a scaled multi-platform audio content and entertainment company, emphasizing its digital audio and podcasting initiatives beyond traditional radio. The company launched the Audacy app, replacing the former Radio.com platform, and expanded into areas like sports betting partnerships and original podcast content.
Despite these strategic shifts, Audacy continued to face significant financial headwinds. The heavy debt incurred from past acquisitions, coupled with a secular decline in traditional broadcast radio advertising revenue and the economic turbulence of the pandemic, severely impacted its financial health. The company's stock price plummeted, leading to its delisting from the New York Stock Exchange (NYSE) in November 2023, after trading at abnormally low levels since May 2023.
The culmination of these financial struggles was Audacy's prepackaged Chapter 11 bankruptcy filing on January 7, 2024. This strategic move, supported by a supermajority of its debtholders, aimed to convert approximately $1.6 billion of its funded debt into equity, reducing its total debt from around $1.9 billion to $350 million. The U.S. Bankruptcy Court for the Southern District of Texas confirmed the reorganization plan in February 2024.
Audacy successfully emerged from bankruptcy on September 30, 2024, becoming a privately owned company. This restructuring significantly deleveraged its balance sheet, with a reported 80% reduction in funded debt. The new ownership group includes Soros Fund Management, which gained a controlling interest. Following the restructuring, David Field, the long-time President and CEO, stepped down in January 2025, and Kelli Turner, a member of Audacy's board since September 2024, was appointed interim CEO, then permanent CEO in March 2025. As of March 2026, Audacy continues to operate over 220 radio stations across 47 markets and is focused on accelerating its digital transformation, expanding its podcasting business, and leveraging its leadership in sports audio to drive future growth.
What If...?
Explore alternate histories. What if Audacy (formerly Entercom) made different choices?