Glonghui, January 8 | Audacy, one of the largest broadcasters in the US, said on Sunday that it has filed for bankruptcy protection in Texas to reduce debt. The restructuring agreement would reduce its total debt burden by 80%, from around $1.9 billion to around $350 million. The company's CEO said that the “perfect storm” of macroeconomic challenges faced by the traditional advertising market over the past four years has led to a drastic reduction in radio advertising spending, “seriously affecting our financial situation and forcing us to restructure our balance sheet.”