Audacy will head to bankruptcy court after months of delays fueled by GOP allegations over Soros' stake in radio giant [CNN]
Cumulus Media Inc. - Class A (CMLS)
Last cumulus media inc. - class a earnings: 2/21 08:01 am
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Source: CNN
new, post-bankruptcy version of the radio giant, a move that comes after months of delays, the result of GOP fearmongering over the Soros Fund Management acquisition of Audacy debt. The radio company's court appearance comes after it filed for Chapter 11 bankruptcy in January, and when it disclosed it was entering a restructuring agreement to reduce debt from about $1.9 billion to $350 million. In February, Bloomberg reported the Soros Fund Management picked up over $400 million of the radio company's debt, making it the largest contributor among a group of lenders looking to exchange loans for stock. Audacy's day in court also comes months after the radio giant approached the FCC in March, requesting a full foreign-ownership review while also asking the commission to delay the review until after its bankruptcy court appearance, an FCC spokesperson said. In its request, the radio giant emphasized that it believed about 22% of a new, post-bankruptcy Audacy would be foreign-owned, r
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CMLS
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- 11/1/24 - Miss
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- 11/1/24 - Form 10-Q
- 11/1/24 - Form 8-K
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