Audacy lays off 2% of workforce

Audacy has reduced its workforce by 2%, according to a company spokesperson. Among the workers affected were a Boston sports reporter who was fired the day before today's NFL draft, an evening news anchor in Chicago and about 98 other employees, according to reports.

“It's like, 'How many layoffs can go before there's nobody left?' says one employee, speaking on condition of anonymity to avoid potential severance package conflicts, who was told by a manager that his position had “disappeared” on a Zoom call on Wednesday (April 24).

An Audacy spokesman said in a statement that the “difficult but necessary decisions” will “better position our company for long-term growth.” The broadcasting giant filed for Chapter 11 bankruptcy restructuring in January.

Broadcast companies have struggled in recent years, with their share of music listening falling from 24% in the fourth quarter of 2016 to 13% at the end of last year, according to MusicWatch, an entertainment-focused market research firm. Listeners are moving away from legacy radio stations to on-demand streaming, and Nielsen Media Research shows that listenership has declined from 89% of American adults in 2019 to 82% in 2022. Responding to these trends, major labels have cut their radio -Promotional staffs throughout 2024.

However, an Audacy spokesperson says: “We are on track to emerge as a stronger and healthier company, well-positioned for a bright future as a diversified, scalable industry leader with the industry's strongest balance sheet.” The company, which owns 220 radio stations in 47 markets, is trying to emerge from bankruptcy and reduce its $1.9 billion in debt by 80% to $350 million pending FCC approval.

“It's just unfortunate, the way everything went crazy, with the company going bankrupt and so many different turnovers,” says the fired employee. “It lowered morale a lot. Luckily, the people I worked for were great and supported each other through the ups and downs.”