Audacy Filed For Bankruptcy

[TheBigA]

Rep. Chip Roy of Texas has now repeated the Bozell accusations made against Soros:

Chip Roy raises alarms about George Soros' purchase of radio giant Audacy

Rep. Chip Roy, R-Texas, is raising alarms about billionaire George Soros' recent acquisition of a major network of radio stations.

www.foxnews.com

The problem is that none of what Audacy is doing is against the law. Conservatives just want to slow down the inevitable.

The Soros Fund bankrolled the Latino Media Network two years ago, and none of the predictions made by conservatives happened.

 

[exdjted]

How everybody perceives people with the slightest political leanings when they buy Radio stations...

 

[gr8oldies]

Hey.people thinks flags make kids gay, so adult contemporary songs must make adults Communist.

 

[TheBigA]

The letter from Chip Roy contains a very obvious error. He claims the 25% foreign ownership waiver was requested by The Soros Fund. That isn't true. The request for the waiver came from Audacy, and doesn't mention Soros at all. See the story below:

Audacy Asks Bankruptcy Court To Extend ‘Removal Deadline’ For Pending Civil Actions.

As it waits for the FCC to sign off on its Chapter 11 financial reorganization, Audacy has asked the U.S. Bankruptcy Court in Houston to extend the deadline by which

www.insideradio.com

Audacy’s Reorg Hits FCC With One FM Spin-Off And A Plan For More Foreign Ownership.

The Audacy reorganization has been on a legal fast track, rocketing through the approval process with a prepackaged agreement among its lenders and getting the greenlight in just over six

www.insideradio.com

Audacy says it expects the plan will become effective as soon as it receives interim approval from the Federal Communications Commission for its request to take on over-the-limit foreign ownership. Audacy has set up the transaction in a way that will allow the restructuring to be completed and maintain short-term compliance with the foreign ownership limits until it secures approval from the FCC to have indirect foreign ownership of more than 25%.

If Soros was the reason, the FCC would not have approved his investment in the Latino Media Network.

Keep in mind that Cumulus and iHeart each requested and received 100% foreign ownership waivers from the FCC.

Audacy understands the waiver will take time, and has therefore requested an extension for its bankruptcy actions.

 

[exdjted]

Hey.people thinks flags make kids gay, so adult contemporary songs must make adults Communist.

Actually, studies have proven that repeated exposure to Air Supply and Little River Band makes people sleepy.

 

[TheBigA]

A round of employee layoffs took place at Audacy:

Audacy: Staff Cuts Amount To A 2% Reduction In Workforce.

Audacy has implemented a round of staff cuts affecting both local on-air personalities and corporate staff. In a statement, the company, which is undergoing bankruptcy reorganization, says the reduction in

www.insideradio.com

More Names From This Round Of Audacy Layoffs

Original Report 4/24: A round of layoffs is ongoing today at Audacy. Sources indicate approximately just under 100 employees were

radioinsight.com

In context, 2% is small compared to layoffs that took place at Sirius, Spotify, NPR, and other similar organizations.

 

[TheBigA]

Inside Radio has now reported a story that was covered by RadioInk on Wednesday:

Texas Congressman Wants FCC To Hold Off On Approval Of Audacy Reorganization Plan.

As Audacy’s bankruptcy reorganization plan remains pending at the FCC, it is getting scrutiny in Congress tied a financial firm with connections to billionaire George Soros. Rep. Chip Roy (R-TX)

www.insideradio.com

Both stories quote a ''Soros shortcut.'' It doesn't exist. He got this idea from Brent Bozell (#460). As I said in post #464, Audacy recognizes that the foreign ownership review will take time, and has therefore asked for an extension to complete the bankruptcy. The foreign ownership review has nothing to do with the Soros investment, as he is a US citizen, and his funding of the Latino Media Network didn't trigger a 25% review. So this entire story is a false flag raised by Chip Roy. By using the word 'soros,' he triggers a bunch of social media activity that he can use for fundraising.

 

[boombox4]

How everybody perceives people with the slightest political leanings when they buy Radio stations...

View attachment 6924

"Everybody"? How about next to nobody. Most radio listeners have little if any idea who actually owns stations, and if they suspect anything with ownership, it's always overblown. I know people who think IHeart owns thousands of stations nationwide. It's all hyperbole. Add some politics, it only makes it worse.

But Joe and Jane Q Listener doesn't know who owns the AC or Classic Hits station they listen to. And they don't care, either.

 

[exdjted]

"Everybody"? How about next to nobody. Most radio listeners have little if any idea who actually owns stations, and if they suspect anything with ownership, it's always overblown. I know people who think IHeart owns thousands of stations nationwide. It's all hyperbole. Add some politics, it only makes it worse.

But Joe and Jane Q Listener doesn't know who owns the AC or Classic Hits station they listen to. And they don't care, either.

By "everybody" in this context, I meant politicians. I should have been more explicit.

 

[JeeperOne]

I sense that Entercom now Audacy "bit off more than it could chew" by acquiring all CBS stations. They will likely be required to sell many of their stations.

Or kill off the money losing BetQL Network & affiliate stations which are primarily affiliated with BetQL & affiliate them exclusively with Infinity Sports Network (Formerly titled CBS Sports Radio) instead

 

[davideduardo]

Or kill off the money losing BetQL Network & affiliate stations which are primarily affiliated with BetQL & affiliate them exclusively with Infinity Sports Network (Formerly titled CBS Sports Radio) instead

It's believed in the industry that the betting network stations are paid a satisfactory and profitable amount of money for the service. Since there is little else an AM can do today, this is an adequate if not stellar solution.

 

[TheBigA]

Or kill off the money losing BetQL Network & affiliate stations which are primarily affiliated with BetQL & affiliate them exclusively with Infinity Sports Network (Formerly titled CBS Sports Radio) instead

You have no idea how much money there is in legalized gambling. It's why states run lotteries. It's why casinos are so posh. Just because it doesn't interest you doesn't mean there isn't tons of money to be made. The sports themselves know and understand all this. That's why they're looking to extend the NFL season and give people more games to bet on. It's why ESPN signed a multi-billion dollar deal to form ESPN-Bet.

Bob Iger on ESPN Sports Betting Deal: “Penn Stepped Up In a Very Aggressive Way”

The Disney CEO added that the company is looking for strategic partners for ESPN on its direct to consumer business.

www.hollywoodreporter.com

 

[gr8oldies]

You have no idea how much money there is in legalized gambling. It's why states run lotteries. It's why casinos are so posh. Just because it doesn't interest you doesn't mean there isn't tons of money to be made. The sports themselves know and understand all this. That's why they're looking to extend the NFL season and give people more games to bet on. It's why ESPN signed a multi-billion dollar deal to form ESPN-Bet.

Bob Iger on ESPN Sports Betting Deal: “Penn Stepped Up In a Very Aggressive Way”

The Disney CEO added that the company is looking for strategic partners for ESPN on its direct to consumer business.

www.hollywoodreporter.com

Not to mention college athletes and NIL. It's all but pro.

 

[Kelly A]

I've heard that KGO Radio 810 "The Spread" is doing pretty well with national ad revenue. Sports and sports-betting is hotter than ever. Pro team coverage is moving from RSN's to local TV and radio stations, so why not give derelict AM stations a new life by talking about sports and sports betting?

 

[TheBigA]

I've heard that KGO Radio 810 "The Spread" is doing pretty well with national ad revenue. Sports and sports-betting is hotter than ever. Pro team coverage is moving from RSN's to local TV and radio stations, so why not give derelict AM stations a new life by talking about sports and sports betting?

It falls into the same category as iHeart's BIN.

 

[tbolt909]

You have no idea how much money there is in legalized gambling. It's why states run lotteries. It's why casinos are so posh. Just because it doesn't interest you doesn't mean there isn't tons of money to be made. The sports themselves know and understand all this. That's why they're looking to extend the NFL season and give people more games to bet on. It's why ESPN signed a multi-billion dollar deal to form ESPN-Bet.

Bob Iger on ESPN Sports Betting Deal: “Penn Stepped Up In a Very Aggressive Way”

The Disney CEO added that the company is looking for strategic partners for ESPN on its direct to consumer business.

www.hollywoodreporter.com

Gambling has always been lucrative for some. The House always wins. Point Spreads don't materialize out of thin air. They are designed to get equal money bet on both sides.

The NFL and other pro leagues used to distance themselves from gambling. Now they embrace it. The credibility no longer matters. People don't seem to care if athletes fix games as long as they've been "Entertained".
It's naive to think that gamblers cannot put pressure on players when so much money is at stake...

 

[luperm]

It falls into the same category as iHeart's BIN.

Not really. BetQL actually generates revenue for radio stations.

 

[TheBigA]

Not really. BetQL actually generates revenue for radio stations.

I'm not sure it makes money for the stations. How many local ads do you hear? It makes money for the company. Same with BIN.

iHeartMedia to Launch BIN: Black Information Network on Radio, Digital Channels

Radio and podcast giant iHeartmedia has accelerated the launch what it says it the first -- and only -- 24-hour service dedicated to news coverage from a Black perspective. BIN: Black Information Network is "focused on service to the Black community and providing an information window for those...

finance.yahoo.com

For the launch of BIN, iHeartMedia has adopted a sponsorship model, inking deals with Sony Pictures Entertainment, Bank of America, CVS Health, Geico, Lowe’s, McDonald’s USA, 23andMe and Verizon. Those marketers “will be able to deliver important messages to BIN’s audiences and serve as a platform for philanthropic and community outreach to build brand connection and support the Black community, as well as use it for advertising messages as needed,” according to the company.

 

[davideduardo]

It falls into the same category as iHeart's BIN.

But BIN is part revenue and part corporate image enhancement. Betting is a pure cash play... on radio too!

Like sports, gambling has budgets that are not entirely based on ratings.

 

[TheBigA]

But BIN is part revenue and part corporate image enhancement. Betting is a pure cash play... on radio too!

Like sports, gambling has budgets that are not entirely based on ratings.

Correct, but like BIN, the programming and advertising are all national. I don't hear anything local on either.