Audacy Emerges Stronger, Poised for Accelerated Growth

Audacy, Inc., a leading scaled, multi-platform audio content and entertainment company, has successfully completed its financial restructuring, implementing a fully consensual, deleveraging transaction that equitized approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to $350 million. The company emerges as a healthy, scaled, multi-platform leader in the dynamic audio sector, with total net leverage of approximately 2.7x, differentiated by its #1 position in exclusive, premium audio content.

Audacy Unlocks New Opportunities for Accelerated Growth

Strengthened Balance Sheet Fuels Transformation

Audacy's successful financial restructuring has resulted in a significantly strengthened balance sheet, with a 80% reduction in funded debt. This newfound financial flexibility allows the company to focus on accelerating its transformation and capitalizing on the vast opportunities in the dynamic audio sector. With a healthy balance sheet and total net leverage of 2.7x, Audacy is poised to invest in talent, content, ad tech, and its audio streaming platform to further enhance its competitive position and drive accelerated growth.

Delivering Industry-Leading Growth

Audacy has continued to execute its transformation strategy with impressive results. In the first half of 2024, the company delivered an impressive 128% growth in Adjusted EBITDA, driven by significant gains in revenue shares, accelerated digital revenue growth, sustained audience share gains, and prudent expense reductions to enhance operating margins. This industry-leading performance underscores Audacy's ability to navigate the challenges in the traditional advertising market and capitalize on the growing demand for premium audio content.

Expanding Exclusive, Premium Content Offerings

Audacy's commitment to building and enhancing its exclusive, premium content offerings has been a key driver of its success. The company now reaches over 200 million monthly listeners, with a leading position in 45 of the largest U.S. markets and a robust portfolio of more than 220 local radio brands featuring premier and influential on-air talent. Audacy Podcasts continues to deliver original award-winning hit shows, as well as exclusive and expanded partnerships with leading podcasters, solidifying its position as an audio partner of choice for major brands and content creators.

Unrivaled Leadership in Sports Audio

Audacy's unrivaled leadership position in sports audio is a significant competitive advantage. The company operates 40 leading local all-sports stations, the #1 Sports Podcast Network with 600+ titles, and the Infinity Sports Network. As the flagship home of 37 pro teams and the exclusive audio sales partner of Major League Baseball, Audacy is uniquely positioned to capitalize on the growing demand for premium sports content.

Accelerating Digital Transformation

Audacy's digital transformation efforts have been a key focus, with the company launching exclusive digital content with numerous A-list artists and further extending its leadership position in sports audio. The company's audio streaming platform and digital capabilities have been instrumental in driving accelerated digital revenue growth and enhancing the overall user experience for its growing audience.

Poised for the Future

As Audacy emerges from its financial restructuring as a private company, the company is well-positioned to capitalize on the vast opportunities in the dynamic audio sector. With a strengthened balance sheet, industry-leading growth, and a differentiated portfolio of exclusive, premium content, Audacy is poised to accelerate its innovation and digital transformation, further solidifying its position as a scaled, multi-platform leader in the audio industry.