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The owner of nine Kansas City radio stations, including 610 Sports, Talk 980-AM and 98.9 The Rock, filed for Chapter 11 bankruptcy protection on Sunday.
The filing by Audacy in the U.S. Bankruptcy Court for the Southern District of Texas comes after the Philadelphia-based audio content provider reached a restructuring deal with a “supermajority” of its debtholders that will reduce most of its $1.9 billion in debt, according to Audacy. The creditors, in turn, would take control of the company.
Audacy said it does not expect the restructuring to affect operations, and trade and other unsecured creditors will not be impaired. The move had been expected since a report of the prepackaged bankruptcy deal surfaced last week.
The company, formerly known as Entercom Communications Corp., owns more than 200 radio stations across the country. Its holdings in the Kansas City market are: 610 Sports, Talk 980AM, 98.1FM KMBZ, 98.9 The Rock, Alt 96.5, Channel Q, The Bet 1660 AM, 99.7 The Point and 106.5 The Wolf. Audacy has faced sagging advertising revenue and rising debt since its 2017 acquisition of CBS Radio.
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