Audacy Filed For Bankruptcy

[TheBigA]

Here is an article charting the next steps for Audacy following the bankruptcy hearing:

What’s Next For Audacy? Seeding New Board, Deciding Future Leadership.

After getting a fast-tracked Bankruptcy Court approval for its financial reorganization plan on Feb. 20, Audacy is waiting for the Federal Communications Commission to greenlight the transaction. After that, the

www.insideradio.com

Audacy’s new owners and board are certain to consider current CEO David Field’s track record in running the company and his decision to champion the transaction that some believe destined it for bankruptcy – the 2017 acquisition of CBS Radio, which added $1.5 billion in debt. Analysts say they may want new leadership that can bring a different perspective, a fresh approach, a more objective eye to chart the company in a new direction.

 

[Deus Ex Machiato]

From the above article:

Two days before going to court, Field signed an amended contract with Audacy that will keep him on the board of the reorganized company in a non-chairman capacity and as CEO. But once the company exits chapter 11, Audacy and Field will have 120 days to reach terms on a new contract. If that deadline is not met, Field can opt to leave Audacy with a lucrative severance package.

Typical. Run your company into the ground, lose hundreds of millions for the stakeholders, file bankruptcy and get to either keep your job, or be rewarded with a nice golden parachute. Meanwhile all the employees laid off during the long, slow slide into bankruptcy got...maybe a few months of pay if even that?

 

[MarkW]

The last couple sentences of the paragraph you quoted are also important:

...And if the company opts to terminate its deal with Field, he would continue to receive his salary through at least Dec. 31 in addition to the agreed upon severance package.

My prediction is he'll "retire" from the CEO position in 2024 (read: forced out) and remain aboard in an advisory capacity for some period of time thereafter.

 

[TheBigA]

Typical. Run your company into the ground, lose hundreds of millions for the stakeholders, file bankruptcy and get to either keep your job, or be rewarded with a nice golden parachute.

The parachute only is for him. Not his father. How would you like to cost your father his company and his fortune, and then see him again for family events? He & his father lost their company and their personal stake in it. The employees will get another job. Not as simple to fix things with a father.

 

[exdjted]

The parachute only is for him. Not his father. How would you like to cost your father his company and his fortune, and then see him again for family events? He & his father lost their company and their personal stake in it. The employees will get another job. Not as simple to fix things with a father.

Joseph Field is 92, if I'm correct. I'm sure he's had time to mull this over since this has been heading in this direction for the last few years. I know if my son did this to me, I would have to bite my tongue to keep from saying "I told you so". Wonder what the Field family Thanksgiving dinner will look like this year?

 

[TheBigA]

We have to understand that a parachute is done because of a contract. Most Audacy employees also have contracts, either through the union or a work agreement.

 

[Theater of My Mind]

The parachute only is for him. Not his father. How would you like to cost your father his company and his fortune, and then see him again for family events? He & his father lost their company and their personal stake in it. The employees will get another job. Not as simple to fix things with a father.

Please pass the tissues.

 

[Deus Ex Machiato]

The parachute only is for him. Not his father. How would you like to cost your father his company and his fortune, and then see him again for family events? He & his father lost their company and their personal stake in it. The employees will get another job. Not as simple to fix things with a father.

I 'm having a hard time feeling sorry for Field. He's destroyed the company his father built, and I'm sure there will be uncomfortable conversations, but I'm thinking more about the traffic manager or sales assistant who did nothing wrong yet suddenly have to start looking for a job right away to put food on the table, while Field collects a paycheck likely worth millions even though he failed.

 

[TheBigA]

I'm thinking more about the traffic manager or sales assistant who did nothing wrong yet suddenly have to start looking for a job right away to put food on the table, while Field collects a paycheck likely worth millions even though he failed.

There is no such thing as an employment guarantee. For anyone. He gets that money because its in his contract. The traffic manager is free to make such a demand. All employees are not equal. We all know that. Take a look at sports contracts compared to the guy in the ticket office.

The punishment for Field is he lost his company. The money he gets is a fraction of what he lost. Would you prefer him to be shot?

 

[Mediafrog+]

Joseph Field is 92, if I'm correct.

How old is David Field? I suspect the pictures of him that we see attached to news stories about Audacy were taken many years ago.

Reminded of the old saying “you can’t take it with you” which is true bankruptcy or not.

Wonder what the Field family Thanksgiving dinner will look like this year?

They’ll be fine. I doubt they will be eating turkey and dressing at a local homeless shelter.

 

[TheBigA]

How old is David Field?

60

 

[Deus Ex Machiato]

There is no such thing as an employment guarantee. For anyone. He gets that money because its in his contract. The traffic manager is free to make such a demand. All employees are not equal. We all know that. Take a look at sports contracts compared to the guy in the ticket office.

The punishment for Field is he lost his company. The money he gets is a fraction of what he lost. Would you prefer him to be shot?

What I'm saying is that it sucks for the lower level employees who lost their job through no fault of their own, while the guy whose mismanagement caused them to lose their job gets a big fat payday for his failure. I know it's not fair, but I don't have to like it.

You seem to think it's awesome, and that we should pity poor David Field because he disappointed his father and might have to hold off on buying that new summer home in the Hamptons. Oh...the horror.

The company I work for went through some pretty brutal layoffs last year. The tech bro "move fast and break things" mentality blew up in their faces, and most of the senior leadership - including the CEO and company co-founder - were shown the door. So was about 90 percent of my department. Not for one moment did I think "gosh, I hope the CEO is doing okay," because he's already made a fortune and I'm certain he walked away with a severance package that ensures he'll be just fine. I'm thinking more about my former co-workers who were living paycheck to paycheck (even though we made pretty good money) and are just now landing on their feet after a few months and settling into their new jobs, and the ones who are still looking.

Because I have this thing called "empathy."

 

[RadioGuy1864]

60

Did David have kids in the "family business" too? I don't recall any mention of any.

 

[TheBigA]

What I'm saying is that it sucks for the lower level employees who lost their job through no fault of their own, while the guy whose mismanagement caused them to lose their job gets a big fat payday for his failure. I know it's not fair, but I don't have to like it.

This is what I said to all the iHeart people who said what you're saying: The bankruptcy thing was not a secret. They were struggling with this debt for five years. That means the employees had 5 years to plan for layoffs. Its not if, but when. Everybody knows that. Anyone who was still there was rolling the dice. For some, it came up snake eyes. But they had a choice. Everyone has a choice. They should plan for the eventual layoff, because the writing was on the wall. We've been talking about it here for how long?

You seem to think it's awesome, and that we should pity poor David Field because he disappointed his father

Nowhere have I said that. I'm just pointing out that this situation is not like iHeart or Cumulus. Field had skin in the game. The typical workers don't, and they all know that going in. If any of them owned stock in the company, that's a different situation.

People need to read their employee handbooks, because all of this is spelled out in gruesome detail. The odds favor the company, and you're an at-will employee who chooses to be there.

 

[exdjted]

They’ll be fine. I doubt they will be eating turkey and dressing at a local homeless shelter.

My point was it will be tense to be extended family and not mention the elephant in the room.

 

[Theater of My Mind]

Big A has done a perfect job summarizing the corporate line --
Feel sad for the CEO and his poor family.
And by the way, you employees, it's your own fault, you should have had other jobs lined up.

A gold star for the victim blaming, well done. 👏👏👏

 

[TheBigA]

Big A has done a perfect job summarizing the corporate line --

You misread what I'm saying. The first time I was laid off, I was caught by surprise. I was in the union, so I got paid off, and was immediately hired by another broadcaster. The union looked out for me. But the layoff created a head trip. It took 3 years to get over it, and after that, I swore it would never happen again. From then on, I was always prepared for the worst, and always controlled my situation. That's my advice to all workers, regardless of their jobs. Only YOU will look out for you. That's NOT the corporate line.

 

[Deus Ex Machiato]

Big A has done a perfect job summarizing the corporate line --
Feel sad for the CEO and his poor family.
And by the way, you employees, it's your own fault, you should have had other jobs lined up.

A gold star for the victim blaming, well done. 👏👏👏

The other thing is the idea that the employees don't have "skin in the game." You work here, you make the product, your sweat and labor make the business itself possible, but you're worthless trash who should be grateful to even have a job. Sucks to be you.

The lack of empathy is almost pathological.

 

[TheBigA]

The other thing is the idea that the employees don't have "skin in the game." You work here, you make the product, your sweat and labor make the business itself possible, but you're worthless trash who should be grateful to even have a job. Sucks to be you.

I was in both NABET and AFTRA. I know what it is to be worker scum to management. It's even more important that workers take control of their own situation. Workers get paid whether the product is good or not, a success or not, makes money or not. The question I was asked at one point was how much was I willing to risk?

That's what I mean by skin in the game. If you get paid regardless, there's no risk. You need to be willing to risk it all. That's the only way to win. It puts you in control, not them. That's why I'm still in the business.

 

[tbolt909]

The parachute only is for him. Not his father. How would you like to cost your father his company and his fortune, and then see him again for family events? He & his father lost their company and their personal stake in it. The employees will get another job. Not as simple to fix things with a father.

Boo hoo for the Wizard of Wall Street. Field came in from Goldman Sachs. I'm sure his relationship with his Pop will survive. Many of the Audacy employees will get other jobs, but most likely not in Radio...