U.S. radio giant Audacy files for bankruptcy protection

To minimize its debt, radio and podcast giant Audacy filed for Chapter 11 bankruptcy in Texas on Sunday.

Audacy claimed the restructuring arrangement will reduce its debt by 80% to $350 million from $1.9 billion.

Audacy CEO David Field remarked, “Over the past few years, we have strategically transformed Audacy into a leading, scaled multi-platform audio content and entertainment company.”

One of the largest U.S. radio broadcasters, the Philadelphia-based firm owns hundreds of stations.