Wednesday, April 17, 2024

Audacy Files for Bankruptcy– Radio Behemoth Owns Top News, Music, Sports Stations in New York, Los Angeles


Audacious: Audacy has filed for bankruptcy.

The behemoth radio chain has teetered financially for more than a year. I told you about this last May.

Audacy owns NewsRadio 88 and WINS, and 92.3FM in New York, plus radio station WCBS FM. They have the sole news station in Los Angeles –KNX AM and FM — and the oldies channel there, KRTH 101 FM, plus rock station KROQ. They also own WFAN, the sports station in New York.

The company basically owns all of what used to be CBS Radio, including news and music stations in all the largest markets.

But advertising is dismal. The stations count on junk ads touting unlicensed medical cures and firms that threaten penalties for not paying taxes, that sort of thing.

Audacy also owns more than 200 radio stations across the country, and also operates dozens of digital radio channels. The company also has partnerships with companies like Warner Bros. Discovery and Bloomberg LP.

The stations will remain on the air. New ownership will take over. But how to get real ads? That’s the question.

Roger Friedman
Roger Friedman
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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