Audacy stock price

[MarkW]

Exactly. In the case of Washington, iHM has 97.1 WASH-FM (AC), 98.7 WMZQ (New Country) and Hot 99.5 (CHR) to sell as a package for advertisers interested in reach predominantly female ears. Cumulus only had WRQX.

iHM's wall of (white) women is why Mix 107.3 struggled to regain advertising $$$ and partially explains why Audacy has not dared flip one of its sticks to Hot AC there.

 

[boombox4]

That does not explain that Best Buy, Costco and others could not keep 55" and larger screens in stock during the pandemic. I had to wait nearly 90 days for a 77" OLED, as they were out of stock and delayed due to shipping. I asked at Best Buy about alternatives and was told that last year they sold more large screen TVs than the previous 3 years combined.

Understood. But the future of most content is still based on one device -- smartphones, even if the phone uses peripherals. And with 5G, i can see the day when "cable" or other hardwired delivery of anything may become secondary to cell system delivery.

Yeah, large monitors are cool and in some instances (writing and business needs, and if a group of people want to watch something together) necessary.

Big screens are awesome for watching movies and sports. But then, the large stereo or other large sound system was great too. Even the 9.1, surround sound that one of my buddies installed in his house in the 2000s was great. Massive sound. But do they sell many of those surround sound systems today? The idea of bigger being better seems to have competition.

Just think of all the devices the phone has replaced. And how much content is delivered via phone, as opposed to cable or OTA, and whether that percentage increases or decreases every decade.... which way the compass is pointing.

 

[TheBigA]

Blogger Jerry Del Colliano reported that Audacy will file for bankruptcy. David Field denies the story:

David Field Denies Audacy Bankruptcy Blog Post.

With the company’s stock price continuing to wallow under the $1 mark and a warning from the New York Stock Exchange that it could be delisted, along with a fresh

www.insideradio.com

I've found that Jerry says a lot of things that aren't exactly true. Field says the company will pursue legal action.

 

[Kelly A]

Blogger Jerry Del Colliano reported that Audacy will file for bankruptcy. David Field denies the story:

I've found that Jerry says a lot of things that aren't exactly true. Field says the company will pursue legal action.

Wow! That's potentially stepping over the line, even for Jerry.

 

[TheBigA]

Wow! That's potentially stepping over the line, even for Jerry.

I just looked at his article. He takes past quotes from David Field, mixes them with current events and a recent internal memo, and tries to say that Field is setting the stage for bankruptcy. I've often thought Jerry had a vivid imagination, in the way he'd extrapolate stories.

More here:

Radio Industry News, New Music, Music Promotion, Radio Station Song Charts

All Access offers the latest radio industry news and music news, music promotions for record companies new music, radio station song charts, and much more. AllAccess.com has been serving the radio and music industry since 1995, always bringing you the highest quality content with...

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Audacy Head Forced To Refute Chapter 11 Report | Radio & Television Business Report

Audacy Corp. shares are currently trading at roughly $0.52 and face a NYSE delisting. The poor Wall Street performance prompted a veteran radio industry blogger and former Inside Radio publisher to falsely report on Wednesday that Audacy will be declaring bankruptcy. The incorrect report was...

www.rbr.com

 

[MarkW]

While Jerry's reading of the tea leaves is not unreasonable, his headline choice was deceptive to say the least. I can certainly understand why the company is upset.

 

[Kelly A]

I just looked at his article. He takes past quotes from David Field, mixes them with current events and a recent internal memo, and tries to say that Field is setting the stage for bankruptcy. I've often thought Jerry had a vivid imagination, in the way he'd extrapolate stories.

More here:

Radio Industry News, New Music, Music Promotion, Radio Station Song Charts

All Access offers the latest radio industry news and music news, music promotions for record companies new music, radio station song charts, and much more. AllAccess.com has been serving the radio and music industry since 1995, always bringing you the highest quality content with...

www.allaccess.com

Audacy Head Forced To Refute Chapter 11 Report | Radio & Television Business Report

Audacy Corp. shares are currently trading at roughly $0.52 and face a NYSE delisting. The poor Wall Street performance prompted a veteran radio industry blogger and former Inside Radio publisher to falsely report on Wednesday that Audacy will be declaring bankruptcy. The incorrect report was...

www.rbr.com

Honestly, I don't blame David for being pissed. This sort of rumor-mongering is the last thing the company needs. Stock analysis's and guy's like Jim Cramer springboard off of this sort of thing and could needlessly hurt efforts of turning the PSP around.

 

[MarkW]

I think we can all agree it's one thing to predict the company is likely headed for bankruptcy (based on overall industry conditions and analysis of a company's public financial filings) and quite another to say the CEO "has confirmed" a bankruptcy filing.

JDC clearly stepped over the line...by a country mile.

 

[Kelly A]

I think we can all agree it's one thing to predict the company is likely headed for bankruptcy (based on overall industry conditions and analysis of a company's public financial filings) and quite another to say the CEO "has confirmed" a bankruptcy filing.

JDC clearly stepped over the line...by a country mile.

True. It's one thing for some radio nerd like some armchair GM's lurking around here who don't know any better, basing their uneducated opinion on 6+ ratings, or because Audacy's Alt format doesn't play their favorites. Jerry should know better.

 

[Y2kTheNewOldies]

Mike Lynch

Mike Lynch exits KFXX the Audacy owned Sports/talk outlet in Portland, OR.

 

[Y2kTheNewOldies]

Josh Pearlman

Josh Pearlman has exited Audacy after 15 years with the company. Pearlman had served as VP, Promotions & Experiences for Audacy since July 2021. He joined the company, then Entercom,

www.insideradio.com

Josh Pearlman exits Audacy.

 

[secondchoice]

Disclaimer: I had "puts" on both Clear Channel and Cumulus starting a couple of years before the Bankruptcies.

Based on CC and the cloud company's bankruptcies, Entercom should have had some contingencies for additional capital in case on an emergency. After CC and Cumulus one would thing the bond folks would figure out what a sound deal looks like. I realize the pandemic has messed up a lot businesses. Audacy is in the position to rework it's debt unless the bondholders and debtholders want to become broadcasters.

 

[TheBigA]

Based on CC and the cloud company's bankruptcies, Entercom should have had some contingencies for additional capital in case on an emergency.

One contingency was that CBS stockholders got a portion of Entercom stock as part of the reverse morris trust arrangement. Of course that didn't save Citadel either.

What we don't know is if the Fields are arranging to do some refinancing behind the scenes. Or perhaps a sale. A few years ago, John Malone was looking very carefully at iHeart. He ended up walking away. But if I was Field, Malone would be the first call I'd make. He seems to be looking at ways to merchandise his ownership of Pandora. Combining Pandora with Audacy.com would be a good idea.

 

[secondchoice]

The scary part of Audacy is the free cash flow* The EDITDA is $154.9 M verses a debt of $2.08 B. The leverage free cash flow is -$34.7 M.

If Malone and LXSMA (Liberty Sirius XM) were to make a run at Audacy, there are two routes they could take. Do a deal with Field now or wait and start buying Audacy debt (at a discount) becoming the biggest debt holder play hardball in court. Liberty has a lot of free cash** $1.25 B and could do it either way. The question would it be wise to put the Audacy content on a pay site or expand Pandora? iHeart's stations have free access to the common folks.

Just a side note: In Atlanta Liberty owns the Braves. When the radio contract comes up would 92.9 be a automatic lock if Liberty gets Audacy?


*Audacy, Inc. (AUD) Valuation Measures & Financial Statistics

*The Liberty SiriusXM Group (LSXMA) Valuation Measures & Financial Statistics

 

[Kelly A]

What we don't know is if the Fields are arranging to do some refinancing behind the scenes. Or perhaps a sale. A few years ago, John Malone was looking very carefully at iHeart. He ended up walking away. But if I was Field, Malone would be the first call I'd make. He seems to be looking at ways to merchandise his ownership of Pandora. Combining Pandora with Audacy.com would be a good idea.

Ultimately, I'm not sure how buying and rolling-up Audacy wouldn't unintentionally cannibalize SXM/Pandora. SXM/Pandora has always prided itself in being the non-terrestrial side of the business. Now you go out and merge-in a mostly terrestrial group? Audacy would probably benefit from the standpoint of 'rising tide lifts all boats'-thinking, but it could also become a sea anchor for the larger group.

 

[TheBigA]

Ultimately, I'm not sure how buying and rolling-up Audacy wouldn't unintentionally cannibalize SXM/Pandora. SXM/Pandora has always prided itself in being the non-terrestrial side of the business.

We're talking about John Malone. He bought a big chunk of iHeart a couple years ago.

https://nysmusic.com/2020/07/27/billionaire-john-malone-approved-to-take-over-control-of-iheartmedia/

He ultimately changed his mind and sold. But if he was interested in a similar company, this would be the one.

 

[bobdavcav]

After buying some shares in several radio companies last year, I started looking into share prices over the last five years, and noticed they were flat. I decided radio wasn't a good investment strategy if the next several years were going to be like the last five. That being said, something must be up with Audacy. Their stock price began steadily dropping about a year after the CBS deal, a pattern not seen with other companies. I had some Audacy shares, I'm glad I sold when I did.

 

[TheBigA]

Their stock price began steadily dropping about a year after the CBS deal, a pattern not seen with other companies.

What happened recently is a number of analysts have been focusing on the debt load as being a significant issue that the company hasn't addressed.

 

[MarkW]

The levered cash flow number speaks volumes.

 

[Theater of My Mind]

After buying some shares in several radio companies last year, I started looking into share prices over the last five years, and noticed they were flat. I decided radio wasn't a good investment strategy...

Radio is not a growth industry but Wall Street investors demand endless growth so the companies always try to buy their way to more growth once the business inevitably plateaus, and they take on debt beyond their means.

The outcome is predictable, everyone will get screwed except, of course, the top executives who will still get their fat bonuses or at least obscene golden parachutes on their way out the door.