PHOENIX — Audacy Inc. said it has deals in place to sell radio station assets in Phoenix and Boston as the Philadelphia-based audio content provider continues negotiations with its creditors to restructure $1.9 billion in debt and gain financial breathing room. If those talks fail, the company said a bankruptcy filing could be on the horizon.
In an Aug. 7 filing with the Securities and Exchange Commission, Audacy linked its declining advertising revenue to macroeconomic issues such as inflation. It noted that things are “to a large extent, outside our control” since lenders hold most of the cards with any potential restructuring, but the company gave a hint as to what direction it could go if it cannot reach such an agreement.
Audacy said it reached agreements on a pair of asset sales in the second quarter in Boston and Phoenix. It did not say what exactly it is selling, though it noted that it included land/land improvements, buildings, equipment and radio broadcasting licenses.
In Phoenix, Audacy owns contemporary hits station Live 101.5 (KALV-FM), country station 107.9 (KMLE-FM) and classic hits station 94.5 (KOOL-FM).
