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This week, Audacy, the second-largest broadcasting company in the United States after iHeartMedia, announced the termination of approximately 200 employees. A spokesperson for the company stated, “Audacy has made workforce reductions to ensure a strong and resilient future for the business,” but did not provide further details regarding the layoffs. The spokesperson emphasized the need to streamline resources in order to maintain a competitive edge in a fast-changing media environment, aiming to best position Audacy to continually serve its listeners and advertisers effectively.
Reports from broadcast industry sources indicate that these layoffs are extensive, affecting a range of positions throughout the organization, including on-air talent and roles in finance and human resources. One notable case is J.R. Cruz, the morning-show host for Wichita’s 103.7 KEYN station, who shared via Facebook on March 6 that he and Audacy “parted ways” due to ongoing health challenges.
Cruz, who joined the station last August after enduring heart surgery and other health issues, expressed his dismay the following day, saying, “This radio biz sure does suck at times! My prayers go out to all who got laid off at Audacy!”
Audacy’s difficulties are not isolated; similar to its competitors such as iHeartMedia, the company has grappled with significant debt for several years. In January 2024, Audacy filed for Chapter 11 bankruptcy, successfully reducing its debt from $1.9 billion to $350 million—a reduction of 80%. This financial burden primarily stemmed from the $2 billion debt incurred when Audacy merged with CBS Radio in 2017, when it was still operating under the name Entercom.
Despite assurances made during the restructuring that operations would remain stable, the company proceeded to cut its workforce by less than 2% a month later. This trend of layoffs prompted concern among employees, with one stating, “It’s like, ‘How many layoffs can they go through before there’s nobody left?”
Following these developments, Audacy saw a change in leadership, as president and CEO David Field departed the company in January. Kelli Turner, a board member, has taken over as interim president and CEO, signaling a significant transition period for the company amidst ongoing challenges.
Source
www.billboard.com