Audacy sounded an upbeat financial message Friday as it reported gains in digital advertising and network radio on its way to substantially narrowing its quarterly loss from a year ago.
Overall, Audacy posted an operating loss of $3 million vs. $135.3 million in the second quarter of 2023. Net revenues for Q2 were up 1% to $301.6 million vs. $298.5 million recorded in Q2 2023. Total radio revenues fell 3%, but digital revenues were up 12%.
Meanwhile, Audacy says it’s poised to exit bankruptcy — which will reduce its debt load by 80% — and is currently awaiting FCC to complete the process. It expects final approval and emergence to occur in Q3 2024.
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