Home Login RADIO ONLINE RSS Facebook
Advertisement

Audacy Files Emergency Motion Amid FCC Bankruptcy Delays


Audacy
Audacy

Seven months after initially filing for Chapter 11 bankruptcy, Audacy finds itself compelled to file an emergency motion in the U.S. Bankruptcy Court for the Southern District of Texas, as the Federal Communications Commission (FCC) contunes to delay approval of the company's restructuring plan.

The motion, submitted on August 12, seeks to extend a critical forbearance period -- a temporary pause on certain financial obligations -- which is currently set to expire on August 19. Audacy is requesting that the court extend this period until September 30 under the Debtor-in-Possession Forbearance Agreement.

A hearing is scheduled for August 15 to review the motion. The court is expected to grant the extension, given its past stance on similar matters. If approved, this extension would provide Audacy with the necessary time to continue its operations and work towards financial recovery.

However, if this motion is denied, Audacy would need to meet its financial obligations as originally outlined in the debtor-in-possession financing agreement. This would include resuming payments that had been paused, potentially increasing the risk of default on its financing.

Audacy's reorganization plan received court approval in February but is now awaiting final approval from the FCC. The delay has been attributed to scrutiny from Republican leaders in Washington, D.C., particularly concerning the involvement of Soros Fund Management, which acquired $400 million of Audacy's debt. This acquisition has made George Soros the company's largest shareholder, sparking concerns over potential foreign or political influence in U.S. media due to Soros' well-known liberal affiliations.

Despite these challenges, Audacy remains optimistic about securing the necessary FCC approvals, stating that its restructuring plan fully complies with the Communications Act.

Advertisement

Latest Radio Stories

Zoellner Media Group to Acquire CMG Tulsa Radio Stations
Zoellner Media Group
Zoellner Media Group
Tulsa-based Zoellner Media Group has entered into a definitive agreement to purchase all of Cox Media Group's radio outlets in Tulsa, marking the company's first major foray into local broadcasting. Terms were not immediately disclosed. Upon completion of the transaction, Zoellner Media Group will acquire More

SBS Reports 71% Surge in Adjusted OIBDA for 2024
Spanish Broadcasting System (SBS)
Spanish Broadcasting System (SBS)
Spanish Broadcasting System (SBS) has announced strong financial results for the fourth quarter and full year ended December 31, 2024, highlighted by a 71% increase in Adjusted Operating Income Before Depreciation and Amortization (OIBDA), which reached $40.4 million compared to More

AM/FM Radio Streaming Tops Spotify, Pandora in New Study
Cumulus Media and Westwood One
Cumulus Media and Westwood One
A new analysis from Edison Research's Q1 2025 "Share of Ear" study reveals significant gains for AM/FM radio streaming, which now surpasses both Spotify and Pandora in ad-supported audio share. The findings, published by Cumulus Media | Westwood One's Audio Active Group, highlight five key takeaways that More
Advertisement

Broadcasters Foundation Sets June 18 for NYC Media Mixer
Broadcasters Foundation of America
Broadcasters Foundation of America
The Broadcasters Foundation of America (BFOA) has announced the next installment of its popular Media Mixer series, set for Wednesday, June 18, from 5:30 to 7:30pm ET at iHeartMedia's New York City studios at 125 West 55th Street, 12th Floor. The event, created to connect More

MacDonald Saginaw Names Bob Lawrence as MM
Bob Lawrence
Bob Lawrence
Bob Lawrence is appointed Market Manager for MacDonald Broadcasting's radio cluster and digital properties in Saginaw, MI. He most recently served as General Manager and Market Manager for Seven Mountains Media's cluster in Parkersburg-Marietta. Lawrence joined Seven Mountains Media in May 2024 after serving More

Kim Fitz Joins Christian FM Media's TCM Network
Kim Fitz
Kim Fitz
Christian FM Media Group has announced the addition of veteran Christian radio host Kim Fitz to its syndicated "Today's Christian Music" network. Fitz will anchor the midday slot across the network's 167 affiliated stations, bringing her signature style of warmth, clarity, and uplifting content to audiences More

Return to Menu

Advertisement

Subscribe to our Newsletter
Radio news and headlines delivered right to your e-mail box -- and it's free.

Advertisement

Advertisement