Radio, Podcast Titan Audacy Files For Bankruptcy Amid Plummeting Advertising Revenues
Radio, Podcast Titan Audacy Files For Bankruptcy Amid Plummeting Advertising Revenues
In a recent development, radio and podcast titan Audacy Inc (OTC:AUDA) has applied for Chapter 11 bankruptcy protection. This move comes in the wake of a notable slump in the company's advertising revenues.
在最近的一項事態發展中，廣播和播客巨頭Audacy Inc（場外交易代碼：AUDA）已申請第11章的破產保護。此舉是在該公司的廣告收入明顯下降之後採取的。
What Happened: The Philadelphia-based broadcasting firm unveiled an extensive restructuring plan on Sunday. The initiative aims to cut down about 80% of its massive $1.9 billion in debt, bringing it to approximately $350 million, as per a report by MarketWatch.
發生了什麼：這家總部位於費城的廣播公司週日公佈了一項廣泛的重組計劃。根據MarketWatch的一份報告，該計劃旨在削減其19億美元巨額債務的約80％，使其達到約3.5億美元。
David J. Field, Audacy's Chief Executive, attributed the company's financial struggles to "prolonged macroeconomic challenges over the past four years." According to Field, these market conditions called for the balance-sheet restructuring.
Audacy首席執行官戴維·菲爾德將公司的財務困境歸因於 “過去四年來長期的宏觀經濟挑戰”。根據菲爾德的說法，這些市場條件要求資產負債表重組。
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Having acquired a large portion of its debt post its merger with CBS Radio in 2017, Audacy has secured approval from a supermajority of creditors for its reorganization scheme. This consent allows the company to proceed with a prepackaged bankruptcy process aimed at speeding up the proceedings.
Audacy在2017年與哥倫比亞廣播公司電臺合併後收購了大部分債務，其重組計劃已獲得絕大多數債權人的批准。該同意允許公司繼續進行旨在加快訴訟程序的預先設定的破產程序。
The broadcasting behemoth, owner of numerous radio stations across the U.S., plans to maintain regular operations during the bankruptcy process. The company expects its bankruptcy plan to undergo court review in February.
這家廣播巨頭是美國各地衆多廣播電臺的所有者，計劃在破產過程中保持正常運營。該公司預計，其破產計劃將在二月份接受法院審查。
Audacy's shares, delisted from the New York Stock Exchange in November, are currently traded over the counter. The company's stock value has plummeted by a staggering 97% over the last year, closing Friday at a mere 19 cents.
Audacy的股票於11月從紐約證券交易所退市，目前在場外交易。該公司的股票價值在過去一年中暴跌了驚人的97％，週五收於僅19美分。
Why It Matters: The bankruptcy filing comes just months after Audacy reported its third-quarter financial results in November 2023. The company's performance during this quarter could have been an early indicator of the challenges it was set to face. Despite a seemingly strong balance sheet, the underlying issues have now necessitated a significant restructuring plan. For investors and stakeholders, this development underscores the volatile nature of the advertising market and its direct impact on media companies like Audacy.
爲何重要：破產申請是在Audacy於2023年11月公佈其第三季度財務業績僅幾個月後提交的。該公司在本季度的業績本可以作爲其將面臨的挑戰的早期指標。儘管資產負債表看似強勁，但潛在問題現在需要一項重大的重組計劃。對於投資者和利益相關者而言，這一事態發展凸顯了廣告市場的動盪性質及其對Audacy等媒體公司的直接影響。
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