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Audacy Nearing Bankruptcy

T

ThatVoice22

Hint: $2 Billion in debt and a stock share price of 10 cents. De-listing from the NY Stock Exchange is overdue.
More layoffs and cost slashing might not save the day. CEO David Field whistles past the graveyard because.....
Cumulus and iHeart already went through bankruptcy, so it's not the end, it's a New Beginning! (stock and bond holders are the real losers)
- - WFAN’s parent company remains in financial peril
Houston’s Audacy Stations:
AM 610 KILT “Sports 610”
AM 650 KIKK “The Bet”
FM 95.7 KKHH “The Spot”
FM 96.5 KHMX “Mix 96.5”
FM 100.3 KILT-FM “The Bull”
FM 101.1 KLOL “Mega 101”
 
Keep in mind that stock price is not an indicator of pending bankruptcy. Some may recall that SiriusXM stock went down to 2 cents a share before John Malone came in to save the company.

Audacy's CEO, David Field spoke to reporters and stockholders last week. He told them that they have extended the term of a major payment on their loan to November 2024. So you should pay more attention to whether or not they meet that deadline than stock price.

Here are the details on Audacy's 2022 financials:

www.insideradio.com

As Digital Growth Slowed, Q4 Revenues Declined 1% At Audacy.

Confronted with what CEO David Field called “challenging ad market conditions,” fourth quarter 2022 revenues at Audacy declined 0.8% year-over-year to $342.0 million, compared to $344.7 million in the fourth
www.insideradio.com www.insideradio.com

Here is some analysis on their financials:

www.insideradio.com

Can Audacy Avoid A Financial Restructuring?

Questions about whether Audacy can avoid a financial restructuring are being raised after the company missed its earnings target during the fourth quarter. However, Audacy is selling off “non-core” assets
www.insideradio.com www.insideradio.com

One other item working against bankruptcy is that David Field and his father own 18% of the company's stock. Any bankruptcy would hurt them very directly.
 
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TheBigA said:
Keep in mind that stock price is not an indicator of pending bankruptcy. Some may recall that SiriusXM stock went down to 2 cents a share before John Malone came in to save the company
Click to expand...
So buy stocks soon and sell later?? Got it. (This is not financial advice)
 
CassChopper96 said:
Do you think Audacy goes out of business and sells all of its radio stations in all of its markets
Click to expand...
Comcast? They can use KLOL to advertise more of Telemundo and NBC Universo, If they do I don’t see them keeping KHMX and KKHH untouched. One of them would flip yo Regional Mexican.
 
CassChopper96 said:
Do you think Audacy goes out of business and sells all of its radio stations in all of its markets
Click to expand...
No. They will, at worst, be refinanced and the existing shareholders will lose some or all of their equity as the lenders exchange debt for equity.

The last thing that will happen is to have a station-by-station sale.
 
011nerve said:
Maybe one of the big tech companies like Google Apple or Microsoft can get a station now. :p
Click to expand...

Apple already has Apple Radio:

music.apple.com

Stream Live Radio Stations on Apple Music

Listen to your favorite radio stations on the web.
music.apple.com music.apple.com

Google has YouTube


Tech companies don't need towers and transmitters to own radio stations. The problem with traditional radio is it's local. So these companies would have to buy stations in every market in order to reach as many people as they already have with online radio.
 
HTX said:
I cannot wait for Microsoft Bing radio 650 AM!
Click to expand...
Spanish language religion is likely the next (and final) format for 650 under a new owner.

I presume any local spots on 650 are just bonuses for anyone advertising on 610, but I do wonder if the operation of 650 is worth it for Audacy, or just an annoying distraction and cost.
 
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