Audacy’s Strong Performance After Restructuring Approval

Audacy, Inc. (the “Company” or “Audacy”) is pleased to report a strong start to 2024, driving significant sequential acceleration across key financial metrics and performance indicators. The Company is providing this update to deliver additional visibility on its progress since receiving court approval of its consensual pre-packaged Plan of Reorganization on February 20, after just six weeks. The Company now awaits FCC approval to complete its restructuring and plans to file its 2023 10-K later this month. 

Audacy is off to a strong start in 2024, driving accelerated financial and operating performance, including solid early growth in revenues, key digital metrics, and audience and revenue shares,” said David Field, Chairman, President and Chief Executive Officer, Audacy. “We look forward to a bright future, capitalizing on our best-in-class balance

Strong Early 2024 Sequential Revenue Acceleration

• As announced in its Plan of Reorganization, Audacy expects to emerge with $350 million of debt, down from $1.9B, which will give it the strongest balance