Audacy wastes no time: Bankruptcy restructuring approved. Going private is next.

With approval of its restructuring plan now in hand from the Federal Communications Commission, Audacy has emerged from bankruptcy with 80% of its debt wiped away. The second largest radio group in the country now plans to go private.

It took six months to get approval from the Federal Communications Commission, and once it was in hand, Audacy wasted no time. Just hours later, the company announced it had completed a financial restructuring that began with a Chapter 11 filing in January.

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