Audacy was pushed into Chapter 11 by the cost of financing its hefty $1.9 billion in debt.
The bankruptcy was prepackaged, meaning it had already lined up support from lenders.
A court hearing is scheduled for Feb. 20.
Fox And George Stevens Jr.
In bankruptcy, these debt holders can swap their debt for equity.
Its podcasts have more than 150 million monthly downloads.
Entercom, founded in 1968, acquired CBS Radio in 2017 (racking up debt).
It operated as Radio.com following the merger, rebranding as Audacy in 2021.
Soros Fund Managementwas most recently part of a group of debt holders that took Vice Media out of bankruptcy.
