Audacy, the company that owns powerhouse news radio and stations in New York, Los Angeles, and other cities is in big trouble.
The New York Stock Exchange has suspended it from trading stock, and is in the process of delisting Audacy. It’s audacious, and the worst thing that can happen to any company.
It’s shocking because Audacy owns Newsradio 88 and 1010 WINS in New York, the two huge news stations in the world’s most important city. They also own KNX in Los Angeles, also the main news source on AM radio in that city. WCBS FM in New York, the venerable oldies station in New York is under their umbrella, as is K-EARTH 101 FM. Audacy also hosts dozens of podcasts through its app.
The stock was worth about $60 a share twenty years ago. It’s down to 9 cents.
It’s a tough time for AM Radio. Recently several automakers said they were removing it from new cars, which is shocking. For this reason some stations, like WINS in New York, have added an FM station for simultaneous broadcast. WINS reporters often sign off saying they’re on 92.3 FM even though we listen to them on AM.
Audacy Chairman, President and CEO David J. Field said in a statement, “While we are disappointed by the NYSE’s decision, we are hopeful we will find our way back to the exchange later this year as we execute our action plans, which include a reverse stock split to satisfy NYSE rules, the continued execution of our liability-management plans and working with our financial advisors to refinance our debt. Further, as macroeconomic conditions stabilize, we believe we will benefit from a general market recovery and will be able to capitalize on investments in strategic transformation that position Audacy well for the future.”