Audacy, Inc.

Audacy, Inc.

Company type	Private
Industry	Broadcasting
Predecessor	Entercom Communications Corp.
Founded	October 21, 1968 (1968-10-21) in Philadelphia, Pennsylvania, United States
Founder	Joseph M. Field
Fate	Emerged from bankruptcy and became privately held (September 30, 2024)
Headquarters	Philadelphia , United States
Area served	United States (47 media markets)
Products	Radio broadcasting, podcast advertising
Owner	Soros Fund Management (majority)
Website	audacy.com

Audacy, Inc. is a U.S.-based broadcasting enterprise with its main office located in Philadelphia, Pennsylvania. Established in 1968 under the name Entercom Communications Corp., it ranks as the second largest radio broadcaster nationwide, owning a portfolio exceeding 220 radio stations across 47 distinct media markets.

In November 2017, Audacy combined operations with CBS Radio through an exchange offer, whereby shareholders of CBS Corporation received Entercom shares amounting to a 72% ownership interest in the merged entity. The company underwent rebranding from Entercom to Audacy on March 30, 2021, shortly followed by a ticker symbol update on the New York Stock Exchange from "ETM" to "AUD".

On September 30, 2024, Audacy emerged from bankruptcy proceedings and transitioned into a privately held organization. The new ownership structure includes Soros Fund Management, which holds majority control as part of its wider audio sector investments.

History

Joseph M. Field established Entertainment Communications (later abbreviated to Entercom) on October 21, 1968, foreseeing that FM radio would eventually eclipse AM broadcasting as the primary frequency band.

Acquisitions

During the 1990s, Entercom took advantage of relaxed FCC ownership regulations to grow its presence within existing markets. In April 1995, it acquired three Portland, Oregon stations—KGON, KFXX, and KMUZ-FM—for $24.5 million.

Entering the public market in January 1999, Entercom raised roughly $236 million through its initial public offering. By July of that year, it expanded significantly by purchasing 43 stations from Sinclair Broadcast Group for $821.5 million, doubling its holdings to 88 stations across 17 markets such as Kansas City, Milwaukee, New Orleans, Memphis, Buffalo, Norfolk, and Scranton/Wilkes-Barre. This transaction elevated Entercom to the position of the fifth-largest radio broadcaster in the United States.

On August 21, 2006, Entercom acquired 15 mid-sized market stations from CBS Radio located in Austin, Cincinnati, Memphis, and Rochester. Due to FCC ownership restrictions, three Rochester-area stations were divested to Stephens Media Group. Soon after, Entercom exited Cincinnati by swapping its stations there and in Seattle for three San Francisco stations owned by Bonneville International.

On December 8, 2014, Entercom purchased Lincoln Financial Media for $105 million, adding 14 stations in Atlanta, Denver, Miami, and San Diego. To meet FCC and DOJ requirements in Denver, Entercom exchanged four Denver stations with Bonneville International in return for Los Angeles’ classic rock station KSWD along with $5 million. This swap was finalized in November 2015.

In October 2016, Entercom entered the Charlotte market by acquiring four stations from Beasley Broadcast Group for $24 million; this transaction closed in January 2017 and included stations such as WBT (AM/FM), WLNK-FM, and WFNZ (AM)-AM.

On August 3, 2017, Entercom took a strategic step into podcast advertising by purchasing a 45% stake in Cadence13, a startup specializing in podcast ad sales with clients like Pod Save America and Recode Decode.

In February 2019, Entercom exchanged its Indianapolis cluster (WNTR, WXNT, and WZPL) with Cumulus Media for New York City’s WNSH, plus additional stations based in Enfield and Springfield. Both broadcasters began operating their new assets under local marketing agreements starting March 1; the deal was completed on May 13.

In March 2021, Entercom acquired Podcorn—a podcast advertising network—for $22.5 million and secured a comprehensive licensing agreement with Global Music Rights (GMR), allowing performance rights for compositions represented by GMR’s roster of prominent songwriters and publishers.

Legal challenges

In 2006, the Federal Communications Commission imposed a $4.45 million penalty on Entercom due to payola infractions. Additionally, the New York State Attorney General initiated legal action, which was eventually resolved through settlement. The following year, Entercom's KDND station was subject to litigation after a contestant tragically died of water intoxication during a promotional event.

CBS Radio merger

On February 2, 2017, Entercom revealed plans to merge with CBS Radio, forming the second-largest radio broadcaster in the United States with operations spanning 23 of the top 25 markets. Utilizing a Reverse Morris Trust arrangement, Entercom preserved its corporate identity and board structure, while CBS shareholders obtained 72% ownership. Due to concerns raised by the FCC, the company discontinued KDND and transferred its programming to sister station KUDL.

To adhere to federal ownership restrictions, Entercom divested at least 15 stations through sales to Educational Media Foundation and asset swaps with iHeartMedia and Beasley Broadcast Group in major markets including Boston, Seattle, Richmond, and Chattanooga. Furthermore, local marketing agreements were established with Bonneville International for stations in San Francisco and Sacramento.

Stations sold to iHeartMedia

Market	Previous Owner	Station	Format
Boston	CBS Radio	WBZ (AM)	News
Boston	CBS Radio	WZLX	Classic Rock
Boston	Entercom	WKAF	Urban Adult Contemporary
Boston	Entercom	WRKO	News/Talk
Seattle	CBS Radio	KFNQ	Sports
Seattle	CBS Radio	KJAQ	Adult Hits
Seattle	CBS Radio	KZOK-FM	Classic Rock

Stations acquired from iHeartMedia by Entercom

Market	Station	Format
Chattanooga	WLND	Adult Hits
Chattanooga	WKXJ	Top 40
Chattanooga	WRXR-FM	Active Rock
Chattanooga	WUSY	Country
Richmond	WBTJ	Urban
Richmond	WRNL	Sports
Richmond	WRVA	News/Talk
Richmond	WRVQ	Top 40
Richmond	WRXL	Alternative Rock
Richmond	WTVR-FM	Adult Contemporary

Stations divested to Beasley Broadcast Group

Market	Previous Owner	Station	Format
Boston	CBS Radio	WBZ-FM	Sports

Stations obtained from Beasley by Entercom

Market	Station	Format
Boston	WMJX	Adult Contemporary

Stations managed by Bonneville International and subsequently sold to them

Market	Previous Owner	Station	Format
San Francisco	CBS Radio	KMVQ-FM	Top 40
San Francisco	Entercom	KBLX-FM	Urban Adult Contemporary
San Francisco	Entercom	KOIT	Adult Contemporary
San Francisco	Entercom	KUFX	Classic Rock
Sacramento	CBS Radio	KHTK	Sports
Sacramento	CBS Radio	KNCI	Country
Sacramento	CBS Radio	KYMX	Adult Contemporary
Sacramento	CBS Radio	KZZO	Hot Adult Contemporary -} The Federal Communications Commission authorized the merger on November 9, 2017, granting exceptions for market concentration in Miami and San Francisco. The transaction was finalized on November 17, 2017, triggering immediate programming adjustments at key stations alongside the rollout of a refreshed corporate logo and strategic direction. Entercom also extended its sports broadcast agreements with franchises including the Minnesota Twins, Philadelphia Eagles, New York Yankees, Boston Red Sox, Dallas Cowboys, and Detroit Red Wings. In July 2018, Entercom expanded its portfolio by purchasing Philadelphia’s leading station WBEB for $57.5 million while divesting WXTU to Beasley Broadcast Group in compliance with ownership limits. The following month, Bonneville International agreed to acquire eight stations operated under local marketing agreements from Entercom for $141 million; this deal was completed in September 2018. Radio.com On June 25, 2018, Entercom revealed that Radio.com would become the exclusive streaming platform for its entire station portfolio, beginning with its legacy stations on July 6 and extending to former CBS Radio stations on August 1. This move ended its collaboration with the third-party streaming service TuneIn. Subsequently, all Entercom stations were rebranded on-air as "A Radio.com station." Following the conclusion of its agreement with United States Traffic Network, Entercom launched an in-house Traffic Weather and Information Network (TWIN) in August 2018. In February 2019, Radio.com Sports was introduced, showcasing experts from Entercom’s sports stations across the country, with Mercedes-Benz as the inaugural brand partner. Later that year, on August 19, Entercom debuted the Radio.com Sports Digital Network, delivering daily live audio and video content from its sports outlets. That same month, Paul Suchman was named Chief Marketing Officer. In September 2019, Entercom collaborated with Apple to integrate Radio.com stations with Siri on iOS 13 and Apple Music. In November, accessibility expanded further with the launch of a Samsung Bixby capsule. As part of a comprehensive corporate rebranding effort in 2021, Radio.com transitioned to the Audacy app and website. Developments Entercom introduced its SmartReach Digital product line in May 2014, focusing on digital marketing solutions tailored for small and medium-sized enterprises. In early 2020, Entercom established an HD Radio Sound Space in Los Angeles, serving as both an event venue and a hub for live performances; Coldplay was featured as the inaugural act. In response to the COVID-19 pandemic, Entercom launched the Stay Connected programming initiative, which included projects such as "Heroes & Difference Makers," "Love Local," and the digital mental health series "I'm Listening: Stay Connected," hosted by Dr. Chris Donaghue from "LOVELINE." In 2022, Audacy announced a new studio partnership with Hard Rock International located on Broadway in Nashville; this facility officially opened in September 2024. In February 2023, Audacy collaborated with analytics firm Veritonic to publish a study focused on enhancing audio advertising effectiveness. By March 2024, Audacy incorporated advanced AI and machine learning technologies into its advertising technology stack to improve podcast ad targeting precision, allowing brands to better align their messaging with podcast content. Rebranding On March 30, 2021, after more than five decades operating as Entercom, the company rebranded itself as Audacy to highlight its position as a multi-platform audio content and entertainment provider. Concurrently, Radio.com was renamed the Audacy app. Additionally, Audacy entered into a multi-year agreement with BetMGM, appointing it as the preferred sports betting partner. Emergence from bankruptcy On May 16, 2023, Audacy was removed from the New York Stock Exchange due to persistently low stock prices. The company filed an appeal and proposed a reverse stock split to remedy the situation; however, in October 2023, the appeal was rejected and delisting became effective on November 10. In January 2024, Audacy initiated prepackaged Chapter 11 bankruptcy proceedings. The restructuring plan involved transferring ownership to creditors and reducing debt by approximately $1.6 billion. By September 30, 2024, Audacy finalized its financial reorganization by converting around $1.6 billion of funded debt into equity—cutting total debt from $1.9 billion down to $350 million. Emerging as a private entity with net leverage near 2.7 times, Audacy strengthened its market position through premium audio content offerings. TuneIn reinstatement On June 21, 2023, Audacy and TuneIn finalized a new deal that restored TuneIn users' access to Audacy’s radio stations after a hiatus lasting nearly five years. Collaborations In April 2019, Entercom entered into a distribution agreement with Waze, allowing drivers to stream Radio.com’s podcasts and on-demand offerings via the navigation application. By September 2020, Clark Atlanta University had formed a partnership with Entercom to grant Mass Media Arts students direct interaction with company professionals specializing in programming, sales, digital media, and on-air roles. The following month, Entercom joined forces with the National Urban League to advance initiatives promoting racial equity and justice within its service areas. During 2020, Radio.com expanded its reach through alliances with SoundHound Inc and Beasley Media Group to broaden the availability of station streams and podcast content. Additionally, Twitch incorporated video streams from Radio.com’s sports channels, while General Motors integrated Radio.com into the dashboard systems of Chevrolet, GMC, Buick, and Cadillac vehicles. Audacy enhanced its podcast lineup by adding We Can Do Hard Things, hosted by bestselling author Glennon Doyle, which quickly rose to become Apple Podcasts' most popular new show in its debut year. In August 2021, Audacy collaborated with Urban One and subsequently with Cumulus Media to improve the distribution of live and on-demand audio content across diverse platforms. October 2021 saw Audacy acquire WideOrbit’s digital streaming assets and technology, operating them under the name AmperWave to bolster streaming infrastructure. A comprehensive partnership with Hard Rock International was announced in December 2021, encompassing joint efforts on live events and music festivals across the United States. January 2022 marked the launch of a content distribution agreement with Samsung, making Audacy’s entire podcast library accessible on Samsung devices. The company also teamed up with comedians Dana Carvey and David Spade for the Fly on the Wall podcast series, which later expanded in February 2024 with the introduction of its spinoff titled Superfly. In August 2022, Audacy entered into an exclusive multi-year advertising sales and distribution partnership with CBS Sports Digital focused on award-winning sports podcasts. May 2023 featured a collaboration between Audacy and Allen Media Group to introduce three audio channels centered on weather and climate news sourced from The Weather Channel networks. September 2023 brought a content distribution partnership with Spanish Broadcasting System (SBS), integrating SBS’s collection of 13 stations into the Audacy app. That same month, Audacy joined forces with Amy Poehler’s Paper Kite Productions to develop a three-season improvised comedy podcast franchise. Audacy’s Pineapple Street Studios earned Adweek’s Podcast of the Year award in November 2023 for producing HBO’s Succession Podcast. In December 2023, Audacy together with CBS stations launched audio simulcasts of television news broadcasts from 14 CBS-owned stations on the Audacy platform. February 2024 introduced a partnership with internet radio network Live365, expanding Audacy's offerings by incorporating hundreds of Live365 stations spanning various genres. March 2024 witnessed a collaboration with AI-driven radio service provider Super Hi-Fi to implement HLS+ technology across Audacy’s portfolio of over 700 exclusive stations—integrating live radio broadcasting with interactive and personalized features. This alliance later extended to optimize digital content creation workflows and improve advertising engagement capabilities. April 2024 saw Audacy announce a strategic alliance with voice AI firm ElevenLabs, aimed at advancing synthetic voice technologies. By July 2024, Audacy Podcasts partnered with Jenna Fischer and Angela Kinsey to oversee sales, distribution, and production for their acclaimed series Office Ladies. In October 2024, a data-centric collaboration was established with Experian to enhance audience analytics and precision marketing through detailed analysis of listeners’ digital identifiers. Radio On March 30, 2021, Entercom underwent a rebranding to become Audacy, with all its stations identified each hour as either "An Audacy station" or "Always Live On the Free Audacy App." In July 2023, Audacy unveiled Launch, a music discovery initiative that highlights up-and-coming artists across both broadcast and digital platforms. The initial lineup of Launch artists featured Jelly Roll, Warren Zeiders, and Doechii. Subsequently, in May 2024, Audacy rolled out “On The Record,” a program dedicated to album releases by leading music performers. Audacy app (previously Radio.com) Through its merger with CBS Radio, Entercom acquired Radio.com, Eventful, and play.it. The Audacy app now offers access to over 230 locally curated radio stations and websites, encompassing more than 1,000 stations across upwards of 100 markets. In April 2020, streaming via Radio.com expanded to include Sonos Radio (reaching 10 million households) and Comcast television services. The Locked On podcast network became part of the platform in February 2021. By March 2021, the Radio.com app was rebranded as the Audacy app. Audacy introduced the Audacy Digital Audience Network (ADAN) in March 2022, designed to reach over 60 million distinct listeners with targeted digital audio advertising solutions for its partners. In June 2023, Audacy broadened the digital distribution of its portfolio—comprising more than 250 stations and podcast content—to TuneIn. This expansion extended its availability to over 200 platforms and connected devices including Tesla, Rivian, Lucid, Bose, Samsung, Xbox, as well as TuneIn’s mobile application and website. Podcast Audacy’s podcast division encompasses Cadence13, Pineapple Street Media, and Podcorn, positioning it among the largest podcast networks in the United States with a catalog exceeding 3,000 podcasts and accumulating over two billion downloads. Its audience reaches approximately 30 million unique listeners monthly. Entercom acquired Pineapple Street Media and the remaining shares of Cadence13 in 2019. In 2021, it further expanded by purchasing the podcast advertising network Podcorn for $22.5 million. By March 2024, Audacy unified its podcast operations under the Audacy Podcasts brand, retiring Cadence13 and 2400Sports as independent entities. Pineapple Street Studios continues to serve as Audacy’s flagship production studio for high-profile clients such as HBO, Netflix, Nike, Amazon Music/Wondery, and Spotify. Cadence13 Originally founded as DGital Media in 2015 by David Landau, Spencer Brown, Chris Corcoran, and venture capitalist Michael Rolnick, Cadence13 became part of Entercom when it acquired a 45% interest for $9.7 million in 2017 and subsequently rebranded the company. The studio developed podcasts featuring notable personalities including historian Jon Meacham and NBA player Kevin Durant. As part of Audacy’s strategic restructuring in 2024, Cadence13 was phased out as an independent brand. Pineapple Street Studios Located in Brooklyn, New York, Pineapple Street Studios was established in 2016 by Jenna Weiss-Berman—former head of audio at BuzzFeed—and Max Linsky, co-founder of Longform. Initially known as Pineapple Street Media, it was acquired by Entercom in August 2019 and renamed Pineapple Street Studios. On June 26, 2025, Audacy announced the closure of Pineapple Street Studios, ceasing operations despite its portfolio that included prominent productions for HBO and Max. Podcorn Podcorn operates as a platform that streamlines podcast advertising campaigns by directly linking podcasters with advertisers through an algorithm-driven matching process. Established by Agnes Kozera and David Kierzkowski following Google's acquisition of their former enterprise FameBit—a prominent marketplace connecting YouTube creators with brands—Podcorn utilizes advanced technology to enhance collaborations between brands and podcasters. Sports In April 2024, Audacy introduced Audacy Sports, unifying its collection of 40 owned-and-operated all-sports radio stations, affiliates, and 160 sports streaming channels within the Audacy app. This division features the leading U.S. sports podcast network, offering over 600 shows and live event coverage. Audacy Sports delivers play-by-play broadcasts for 150 professional and college teams and manages two national multiplatform sports networks: Infinity Sports Network (previously CBS Sports Radio) with a network of more than 300 affiliates, and BetQL Network, developed in collaboration with Westwood One. The company also holds exclusive audio rights as the official podcast partner of Major League Baseball, providing live streaming play-by-play in both English and Spanish alongside official league podcasts. Sports betting On September 3, 2019, Entercom’s RADIO.COM Sports formed a partnership with the sports betting content provider The Action Network to offer updates across Entercom Sports stations and RADIO.COM podcasts. By late 2020, Entercom ventured further into sports betting through a six-year agreement with FanDuel, designating it as the official sportsbook. This partnership allowed FanDuel promotions and betting odds to be broadcast on Entercom’s stations, leveraging Entercom personalities in shared markets. Shortly thereafter, Entercom completed an all-cash acquisition of QL Gaming Group—a sports data and iGaming affiliate platform—for approximately $32 million. Following this acquisition, Entercom launched the BetQL Network on RADIO.COM in January 2021, providing nationwide sports betting content via terrestrial radio stations and the Audacy app. In March 2021, Entercom established a multi-year deal with Rush Street Interactive (RSI), naming RSI’s BetRivers as the official title sponsor of RADIO.COM’s You Better You Bet podcast. By June 2022, BetMGM obtained exclusive sportsbook rights for the BetQL Network, further solidifying Entercom’s role within the sports betting sector. Corporate social responsibility On Suicide Prevention Day in 2017, Entercom initiated “I’m Listening,” a campaign dedicated to breaking down the stigma surrounding mental health conversations. In September 2018, Entercom launched its corporate social responsibility initiative, Entercom Serves, which focuses on critical community challenges including children’s health, diversity, civic education, environmental issues, mental health awareness, and military community support. Later that year, the company broadened its media offerings by introducing CHANNEL Q, an LGBTQ+ Talk Radio Network delivering news, cultural content, and music tailored to that audience. Each year, Audacy encourages employee participation in volunteer efforts through its 1Day1Thing program, fostering greater community involvement and environmental responsibility across its operational regions. Live events Audacy organizes a variety of live events across the country to enhance its brand visibility and deepen audience interaction. Notable productions such as We Can Survive, Leading Ladies, Almost Acoustic Christmas, Riptide, and Stars & Strings take place in key metropolitan areas, aiming to boost market impact and foster community engagement. External links References