Audacy, Inc.

This article is about the company formerly known as Entercom. For its Internet radio service, see Audacy.
Audacy, Inc.
FormerlyEntercom Communications Corporation (1968–2021)
Company typePrivate
AUDAQ (2023–2024)
NYSE: AUD (2021–2023)
NYSE: ETM (1999–2021)
Russell 2000 component
IndustryBroadcasting
Predecessors
FoundedOctober 21, 1968; 56 years ago (1968-10-21)
Headquarters
Philadelphia, Pennsylvania
,
U.S.
Areas served
Nationwide
Key people
  • David Field (CEO)
  • Susan Larkin (COO)
  • Richard Schmaeling (CFO)
  • JD Crowley (CDO)
  • Brian Benedik (CRO)
  • Andrew Sutor (EVP, GC)
  • Paul Suchman (CMO)
  • Sarah Foss (CTO)
  • Jeff Sottolano (CPO)
  • Elizabeth Bramowski (Chief Accounting Officer & Controller)
  • Jenna Weiss-Berman, EVP, Podcasts
Services
RevenueIncrease $1.463 billion (2018)
Increase $250 million (2018)
Decrease -$361 million (2018)
Subsidiaries
Websiteaudacyinc.com
Footnotes / references
[1][2]

Audacy, Inc. is an American broadcasting company based in Philadelphia, Pennsylvania. Founded in 1968 as Entercom Communications Corp., it is the second largest radio company in the United States, owning over 220 radio stations across 47 media markets.[3]

In November 2017, the company merged with CBS Radio. The transaction was structured as an exchange offer whereby owners of CBS Corporation common shares (i.e., not the multiple-voting shares held by CBS Corp parent company National Amusements) at the time of the merger could elect to exchange their shares for Entercom shares corresponding to a 72% stake in the combined company.[4][5] The company changed its name from Entercom to Audacy on March 30, 2021. On April 9th, the ticker symbol on the New York Stock Exchange changed from "ETM" to "AUD".[6]

On January 7, 2024, Audacy announced that it had filed for a prepackaged Chapter 11 bankruptcy, citing approximately $1.9 billion in debt.[7]

  1. ^ "Former Dolphins CEO Mike Dee Named President of Entercom Sports". May 2, 2017.
  2. ^ "Entercom Communications Corp. Income Statement". Google Finance. Retrieved October 4, 2017.
  3. ^ "Entercom-CBS Radio merger passes another milestone with shareholder vote". Philly.com. Retrieved January 26, 2018.
  4. ^ "CBS Shareholders Bought Into Entercom. But Will They Stay?". Insideradio.com. November 20, 2017.
  5. ^ "Post-Merger, CBS Radio Shareholders Will Own 72% And Entercom 28% Of Combined Company". All Access. Retrieved December 5, 2017.
  6. ^ InsideRadio.com "Entercom Rebrands as Audacy" March 30, 2021. Retrieved July 4, 2024.
  7. ^ Nova, Annie (January 7, 2024). "Second-largest U.S. radio company Audacy files for bankruptcy protection". CNBC. Retrieved January 9, 2024.