Audacy may file bankruptcy; Parsons retiring

The Wall Street Journal (via InsideRadio) reports it’s probable for radio station mega company Audacy to file Chapter 11 bankruptcy. Word is a prepackaged plan has already been negotiated and approved by the company’s senior lenders who are expected to assume ownership of the company after the restructuring takes place.

The financial challeges Audacy faces are primarily attributed to a downturn in ad spending and has concerns about meeting obligations in 2024. The company has made provisions on loans which were due at the end of 2023 kicking a debt payment of $18.9 Million down the road 60-70 days. But it doesn’t stop there as $926.4 million in loans will mature later this year.

Locally Audacy owns KDKA-AM (1020); KDKA-FM (93.7); WBZZ (100.7 New Kensington), and WDSY (107.9). They also program and operate WAMO (660 Wilkinsburg) and its FM translator W297BU (107.3); as well as translator W261AX (100.1) through LMA with owner Radio Power Inc.

Jim Parsons retiring from WTAE

When Jim Parsons joined WTAE-TV (4) in 1998 as investigative reporter, it was a dream come true! Parsons, who will retire from the station at the end of February, spent many years “pestering” former news director Joe Rovitto for a job. While Rovitto never hired Parsons, he did let the eventual reporter stop by at the station when he was in town. But it would be Tom Petner who hired Parsons in 1998. Mr. Parsons would move into the assistant news director role in 2013, and elevated to the senior position in 2016. Check out Rob Owen’s interview in the Trib.