From FM radio pioneer to bankruptcy, the turbulent evolution of Audacy, Inc.

Cultures · Published 10 October 2026 Swipe more like this →

In short: Founded in 1968 to champion the rise of FM radio, Audacy—formerly Entercom—has spent decades navigating the volatile landscape of American broadcasting. After a massive merger with CBS Radio and a pivot toward digital audio, the company recently underwent a major financial restructuring to shed billions in debt.

Joseph M. Field established the company as Entertainment Communications in 1968, driven by the belief that FM broadcasting would eventually eclipse AM as the dominant radio format. Over the following decades, the company aggressively expanded its footprint. A pivotal moment arrived in 1999 when an IPO raised $236 million, followed by an $821.5 million acquisition of 43 stations from Sinclair Broadcast Group. This deal transformed the firm into the fifth-largest radio broadcaster in the United States at the time.

The company's scale increased dramatically in 2017 when it merged with CBS Radio, a move that positioned it as the second-largest radio owner in the country. In 2021, the firm rebranded from Entercom to Audacy to reflect its shift toward a multi-platform audio strategy, encompassing podcasts, digital apps, and streaming. Despite these efforts, the company faced significant headwinds, including the delisting of its stock from the New York Stock Exchange in November 2023 due to low share prices.

In January 2024, the company filed for Chapter 11 bankruptcy protection to address its mounting financial burdens. By September 30, 2024, Audacy emerged from this process as a privately owned entity. The restructuring successfully reduced the company's debt by 80%, cutting it from approximately $1.9 billion to $350 million. Now under the control of an ownership group that includes Soros Fund Management, the company continues to operate over 220 radio stations while focusing on premium audio content and advanced ad-tech integration.

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