Monday, April 22, 2024

Dial of Destiny: New York Stock Exchange Moves to Delist Company That Owns Powerhouse News and Music Radio Stations in New York, Los Angeles — Stock Down to 9 Cents!

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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.”

Roger Friedman
Roger Friedmanhttps://www.showbiz411.com
Roger Friedman began his Showbiz411 column in April 2009 after 10 years with Fox News, where he created the Fox411 column. His movie reviews are carried by Rotten Tomatoes, and he is a member of both the movie and TV branches of the Critics Choice Awards. His articles have appeared in dozens of publications over the years including New York Magazine, where he wrote the Intelligencer column in the mid 90s and covered the OJ Simpson trial, and Fox News (when it wasn't so crazy) where he covered Michael Jackson. He is also the writer and co-producer of "Only the Strong Survive," a selection of the Cannes, Sundance, and Telluride Film festivals, directed by DA Pennebaker and Chris Hegedus.
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