Audacy, Inc.


Audacy, Inc. is an American broadcasting company based in Philadelphia, Pennsylvania. Founded in 1968 as Entercom Communications Corp., it is the second largest radio company in the United States, owning over 220 radio stations across 47 media markets.
In November 2017, the company merged with CBS Radio. The transaction was structured as an exchange offer whereby owners of CBS Corporation common shares at the time of the merger could elect to exchange their shares for Entercom shares corresponding to a 72% stake in the combined company. The company changed its name from Entercom to Audacy on March 30, 2021. On April 9, the ticker symbol on the New York Stock Exchange changed from "ETM" to "AUD".
Audacy, Inc. emerged from bankruptcy on September 30, 2024, and is now a privately owned company. The new ownership group includes Soros Fund Management as part of their other audio investments.

History

Joseph M. Field founded the company as Entertainment Communications on October 21, 1968, on the conviction that FM broadcasting, then in its infancy, would eventually surpass AM broadcasting as the leading radio broadcast band.

Acquisitions

During the 1990s, the Federal Communications Commission's regulations on the ownership of multiple radio stations were eased, beginning with the introduction of duopoly rules, which allowed a company to own two stations in each radio market. Entercom took advantage of the change to expand its presence in the markets where it already operated. In April 1995, the company paid $24.5 million for three stations in Portland, Oregon, acquiring KGON, a classic rock station; KFXX, an all-sports station; and KMUZ-FM, a modern rock station.
In January 1999, Entercom went public in an IPO in which it raised around $236 million. In July 1999, the company purchased 43 radio stations from Sinclair Broadcast Group for $821.5 million in cash. It was Entercom's largest deal under that name. The deal included stations in eight markets, Kansas City, Missouri; Milwaukee; New Orleans; Memphis, Tennessee; Buffalo, New York; Norfolk, Virginia; and Scranton/Wilkes-Barre, Pennsylvania. The deal more than doubled both the number of stations under the company's control, and the number of markets in which it had stations. The acquisition made Entercom the fifth-largest radio broadcaster in the United States, with 88 stations in 17 markets. That year, Entercom announced that it would direct its radio stations not to play songs that promoted violence.
On August 21, 2006, Entercom agreed to buy 15 mid-market stations from CBS Radio. Locations included Austin, Texas; Cincinnati; Memphis, Tennessee; and Rochester, New York. Due to ownership limitations set by the FCC, Entercom had to sell three of its stations in the Rochester market; these were acquired by Stephens Media Group. Shortly after the transaction, the company exited the Cincinnati market by trading all four of its stations in Cincinnati and three of its stations in Seattle in exchange for three stations in San Francisco in a deal with Bonneville International.
On December 8, 2014, Entercom announced its acquisition of Lincoln Financial Media for $105 million; the deal gave the company 14 additional stations in Atlanta; Denver; Miami; and San Diego. To comply with FCC ownership limits in the Denver market and DOJ antitrust concerns, Entercom entered into an exchange agreement with Bonneville under which Entercom exchanged four stations in Denver for classic rock station KSWD in Los Angeles and $5 million in additional consideration. The stations Entercom exchanged with Bonneville were KOSI-FM, KYGO-FM, KKFN-FM and KEPN-AM. Entercom previously owned KOSI-FM, while the remaining stations were acquired through the acquisition of LFM.
Entercom and Bonneville began operating the exchanged stations under time brokerage agreement once the LFM transaction was completed. In November 2015, the swap deal was closed successfully.
In October 2016, Entercom announced that it would acquire four radio stations in Charlotte, North Carolina, from Beasley Broadcast Group for $24 million in cash. The deal closed in January 2017 and WBT AM/FM, WLNK-FM and WFNZ-AM joined Entercom.
On August 3, 2017, Entercom announced the purchase of a 45% stake in Cadence13, a startup that handled ad sales and distribution for podcasts, including Pod Save America, Recode Decode and The Tony Kornheiser Show.
On February 13, 2019, Entercom announced that it would trade its Indianapolis cluster to Cumulus Media for WNSH in New York City, WMAS-FM in Enfield, Connecticut, and WHLL in Springfield, Massachusetts. Both companies began operating their newly acquired stations via LMA on March 1; the swap was completed on May 13, 2019.
In March 2021, Entercom acquired podcast ad network Podcorn in a deal valued at $22.5 million. The company also reached a long-term licensing agreement with Global Music Rights, allowing the company to perform all of the songs from songwriters and publishers represented by the performance rights organization.

Legal issues

In 2006, Entercom was investigated for payola and fined $4.45 million by the FCC. Then New York State Attorney General Eliot Spitzer also brought suit in the New York Supreme Court, before judge Ira Gammerman, which settled.
In 2007, Entercom station KDND was sued after a participant in a "Hold Your Wee For a Wii" contest held by the station's morning show died of water intoxication.

Merger with CBS Radio

On February 2, 2017, Entercom announced that it had agreed to merge with CBS Radio. The purchase will give Entercom operations in 23 of the top 25 markets, and make it the second-largest owner of radio stations in the US, behind iHeartMedia. Under the terms of the Reverse Morris Trust, the company would retain the Entercom name, board of directors and base of operations, but CBS shareholders would hold 72% of its stock. The company also shut down KDND in Sacramento and returned its license to the FCC, with its programming moved to sister station KUDL. The FCC had designated that the renewal of KDND's license would be subject to a hearing over allegations it had failed to operate in the public interest.
On September 26, 2017, KSOQ-FM, WGGI and KSWD were sold to the Educational Media Foundation. KSWD and WGGI affiliated with the EMF's K-Love Christian music network, and KSOQ with its Air1 network.
To comply with federal ownership caps, Entercom stated that it would divest at least 15 stations. On November 1, 2017, Entercom announced a settlement with the Department of Justice, which allowed the merger with CBS Radio. The company also announced a series of asset exchange agreements with iHeartMedia and Beasley Broadcast Group in Boston, Seattle, Richmond and Chattanooga; and local marketing agreements with Bonneville International Corporation in San Francisco and Sacramento.
LocationOwnerStationFormat
BostonCBS RadioWBZ News
BostonCBS RadioWZLXClassic Rock
BostonEntercomWKAFUrban Adult Contemporary
BostonEntercomWRKONews/Talk
SeattleCBS RadioKFNQSports
SeattleCBS RadioKJAQAdult Hits
SeattleCBS RadioKZOK-FMClassic Rock

LocationOwnerStationFormat
BostonCBS RadioWBZ-FMSports

LocationOwnerStationFormat
San FranciscoCBS RadioKMVQ-FMTop 40
San FranciscoEntercomKBLX-FMUrban Adult Contemporary
San FranciscoEntercomKOITAdult Contemporary
San FranciscoEntercomKUFXClassic Rock
SacramentoCBS RadioKHTKSports
SacramentoCBS RadioKNCICountry
SacramentoCBS RadioKYMXAdult Contemporary
SacramentoCBS RadioKZZOHot Adult Contemporary

On November 9, 2017, the FCC gave the final approval needed for the Entercom merger by granting two 6-month waivers for market station limits in Miami and San Francisco. The merger occurred at midnight on November 17, 2017. Later that day, Entercom would switch WBMP in New York to alternative. This would then be followed up by WJMK in Chicago's switch to classic hip-hop and KVIL in Dallas-Ft. Worth's flip to alternative. The company also introduced a new corporate logo as well as other corporate strategy changes. The Entercom Divestiture Trust then entered into agreements with Bonneville International to operate its stations on their behalf.
Shortly afterward, the company announced renewed radio broadcasting partnerships with the Minnesota Twins and Philadelphia Eagles. The company also has partnerships with additional professional teams including the New York Yankees, Boston Red Sox, Dallas Cowboys and Detroit Red Wings.
On July 19, 2018, Entercom announced that it would acquire Philadelphia market-leader WBEB from Jerry Lee Radio for $57.5 million. WXTU was divested back to its previous owner, Beasley Broadcast Group, to comply with ownership limits.
On August 3, 2018, Entercom announced that Bonneville would buy all eight stations for $141 million, which the company had been operating under LMA since after the merger with CBS Radio. The deal was completed on September 21, 2018.

Radio.com

On June 25, 2018, Entercom announced that Radio.com would become the exclusive streaming portal for all of its stations, beginning with its legacy stations on July 6, and former CBS Radio stations beginning August 1, ending its relationship with the third-party service TuneIn. All Entercom properties were also branded on-air as "A Radio.com station".
Following the termination of its deal with United States Traffic Network, Entercom launched an internal Traffic Weather and Information Network in August 2018.
In February 2019 Radio.com Sports was created, featuring appearances from experts on Entercom sports stations across the country. Mercedes-Benz was the first sponsor to sign on as a brand partner.
On August 19, 2019, Entercom launched the Radio.com Sports Digital Network, a collection of daily live audio and video programming from the company’s sports stations. Later that month, Paul Suchman became the company’s Chief Marketing Officer.
In September 2019, Entercom partnered with Apple to integrate access to Radio.com stations via Siri and Apple Music. In November, it also released a capsule for Samsung Bixby.
Radio.com was relaunched as the Audacy app and website as part of the company’s 2021 rebrand.