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Philadelphia-based radio and podcasting giant Audacy Inc. filed for Chapter 11 bankruptcy protection over the weekend.
Its CEO, David Field, said it was the result of a “perfect storm of macroeconomic challenges” in a news release.
In 2002, Field was promoted to CEO of the company his father started back in the late 1960s, formerly known as Entercom Communications. In 2017, Field purchased CBS Radio for $1.5 billion, with hopes that the market would grow and he’d be able to repay the debt.
Field declined an interview for this news story through an Audacy spokesperson.