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Audacy Lays Off About 200 Employees

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Audacy, the radio broadcast and podcasting company that emerged from bankruptcy last fall, is laying off about 200 employees.
Audacy, a major U.S. radio broadcaster, has laid off approximately 200 employees, which constitutes about 4% of its workforce. This decision was part of a broader cost-cutting initiative aimed at reducing expenses by $100 million annually. The layoffs come in the wake of Audacy's recent Chapter 11 bankruptcy filing, prompted by a significant debt load of $1.9 billion. The company, which operates over 200 stations and has a substantial digital presence, is also dealing with a decline in traditional radio listenership and advertising revenue. Despite these challenges, Audacy's CEO, David Field, expressed optimism about the company's future, emphasizing the need for these measures to ensure long-term sustainability and growth.

Read the Full Variety Article at:
[ https://www.msn.com/en-us/money/other/audacy-lays-off-about-200-employees/ar-AA1AsZPE ]