I think Davie Field's strategy is to not lose control of the company. He's hoping that short-term solutions can prevent that and that he'll be able to cut his way to prosperity in the long run - a strategy that's failed repeatedly so far.
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Audacy Stock today
- Thread starter Oldbloodandguts
- Start date
Here's his current employment contract with Audacy, built around improving the stock price. He's now in the second year. How many stockholders are going to vote for him to stay? My take is the only way the board keeps him is if there's no other option. They announce 2022 earnings on Wednesday.
New Employment Deal Incentivizes David Field To Boost Audacy’s Sagging Stock Price.
Audacy President and CEO David Field will begin the New Year with a new three-year employment contract that pays him an annual base salary of $1.35 million. Field could earn
That reminds me of a running joke years ago at my workplace in Houston when the locally based Enron energy giant was collapsing.
As baseball fans might remember, Enron at the time had naming rights to the stadium where the Houston Astros play. As Enron cratered into the penny stock range, many of us kept track by determining how many shares it would take to purchase one hot dog at Enron Field. So instead of expressing the Enron stock price in pennies, we instead used either fractions of a hot dog, or a number expressing the hot dog price in multiple shares of Enron stock.
Perhaps at the bottom of that barrel: Audacy actually still has a 250 watt true daytimer in Houston, running BetQL. Might save a few cents taking that dark or selling it off, but who knows.
.14 a share today
If he owns 4 million shares as Rusty estimated earlier, that's worth $560,000 at 14 cents/share.
That may be what it's worth today, but not what he paid for it. That's why I say he's in the hole.
I bet he bought very little of that stock, it was probably mostly in the form of executive compensation and or gifts from his Dad.
I have not looked to see who has been buying or selling stock as an insider, but it is always interesting to see when people inside the company are dumping stock.
I have not looked to see who has been buying or selling stock as an insider, but it is always interesting to see when people inside the company are dumping stock.
Top Institutional Holders
| Holder | Shares | Date Reported | % Out | Value |
|---|---|---|---|---|
| Blackrock Inc. | 7,995,267 | Dec 30, 2022 | 5.67% | 1,272,846 |
| Invesco Ltd. | 6,219,427 | Dec 30, 2022 | 4.41% | 990,132 |
| Vanguard Group, Inc. (The) | 5,412,558 | Dec 30, 2022 | 3.84% | 861,679 |
| Charles Schwab Investment Management, Inc. | 4,593,102 | Dec 30, 2022 | 3.26% | 731,221 |
| Solas Capital Management, LLC | 4,199,355 | Dec 30, 2022 | 2.98% | 668,537 |
| Lsv Asset Management | 3,922,400 | Dec 30, 2022 | 2.78% | 624,446 |
| Hein Park Capital Management LP | 3,899,341 | Dec 30, 2022 | 2.77% | 620,775 |
| Wittenberg Investment Management, Inc. | 2,367,477 | Dec 30, 2022 | 1.68% | 376,902 |
| State Street Corporation | 2,119,894 | Dec 30, 2022 | 1.50% | 337,487 |
| Geode Capital Management, LLC | 1,978,184 | Dec 30, 2022 | 1.40% | 314,926 |
Top Mutual Fund Holders
| Holder | Shares | Date Reported | % Out | Value |
|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 3,135,818 | Sep 29, 2022 | 2.22% | 499,222 |
| iShares Russell 2000 ETF | 2,639,995 | Dec 30, 2022 | 1.87% | 420,287 |
| Schwab Strategic Tr-Schwab Fundamental U.S. Small Company Index ETF | 1,625,247 | Nov 29, 2022 | 1.15% | 258,739 |
| Vanguard Extended Market Index Fund | 1,584,481 | Sep 29, 2022 | 1.12% | 252,249 |
| iShares Russell 2000 Value ETF | 1,262,514 | Dec 30, 2022 | 0.90% | 200,992 |
| Fidelity Small Cap Index Fund | 900,617 | Nov 29, 2022 | 0.64% | 143,378 |
| Fidelity Strategic Advisors Small-Mid Cap Fund | 862,300 | Nov 29, 2022 | 0.61% | 137,278 |
| Bridgeway Fds Inc-Omni Small Cap Value Fund | 720,545 | Sep 29, 2022 | 0.51% | 114,710 |
| Avantis U.S. Small Cap Value ETF | 703,062 | Dec 30, 2022 | 0.50% | 111,927 |
| SEI Institutional Managed Tr-Small Cap Fund | 592,560 | Dec 30, 2022 | 0.42% | 94,335 |
| Transaction Date | Insider Name | Title | Buy/Sell | Number of Shares | Average Share Price | Total Transaction | Shares Held After Transaction | Details |
|---|---|---|---|---|---|---|---|---|
| 11/30/2022 | John David Crowley | EVP | Buy | 100,004 | $0.30 | $30,001.20 | 468,756 | |
| 9/23/2022 | David J Field | CEO | Buy | 49,175 | $0.41 | $20,161.75 | 1,944,388 | |
| 9/21/2022 | David J Field | CEO | Buy | 48,491 | $0.43 | $20,851.13 | 1,895,163 | |
| 9/19/2022 | David J Field | CEO | Buy | 25,000 | $0.42 | $10,500.00 | 1,796,672 | |
| 9/16/2022 | David J Field | CEO | Buy | 50,000 | $0.38 | $19,000.00 | 1,771,672 | |
| 5/20/2022 | David J Field | CEO | Buy | 100,000 | $1.63 | $163,000.00 | 3,258,246 |
There have been numerous stories over the years of him buying new shares in an effort to boost the stock price.
There are lots of similar stories. At the time, stock price was over a dollar. Not any more. That's why I say he's in the hole.
That's also true of almost every station they overpaid for.
Entercom paid something like 11 million for the 107.7 signal. It's likely worth less than 1 million now. There is no way out of this hole for Mr. Field. He'll be packing some trunks filled with cash and heading to South America...
It’s really a shame that major stockholders can buy back stock, literally manipulating a stock price. Its un unfair practice in any industry
It has to be reported, so it's not a secret.
The idea of a stock market is that anyone can buy or sell shares at will.
But as George Orwell said -- "ALL ANIMALS ARE EQUAL, BUT SOME ANIMALS ARE MORE EQUAL THAN OTHERS".
The players with the inside help win at the Wall Street Casino. Don't forget that David Field came from Goldman Sachs...
So?
He buys at the same bid and ask prices as you and I. Stock sales are highly regulated.
As I noted earlier in this thread, SiriusXM has lost almost half of its value in the last month. That's pretty significant. Their problem isn't debt, but growth.
Audacy's stock price doesn't mean much until their next big debt payment is due, which is November 2024. Here's an article about that:
Facing Some Big Debt Hurdles, Audacy Says It Has Started Talks With Lenders.
The date may be two years away, but Audacy executives said this week they are already spending plenty of time thinking about Nov. 17, 2024. That is when $632 million
That article said they were expecting to kick the can down the road to 2026. Once again, we'll know more next Wednesday during the company's investor conference call.
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