After emerging from a nearly two-year bankruptcy process in June 2024, Audacy, has embarked on a significant cost-cutting campaign to stabilize its financial footing.
The company’s first major step in this direction came last week, when it laid off as many as 300 employees—approximately 10% of its workforce—across its sprawling network of 227 stations. This sweeping reduction, executed in early March 2025, marks a pivotal moment for Audacy as it seeks to reshape itself in a post-bankruptcy landscape amid ongoing challenges in the radio industry.
The layoffs span a broad swath of the company, affecting employees at both local and national levels and cutting across all departments, from programming and on-air talent to behind-the-scenes staff.
The impact is keenly felt in major markets, with prominent personalities and stations bearing the brunt. In New York City, 101.1 WCBS-FM lost morning host Annie Leamy, a fixture in the market. Boston’s Magic 106.7 (WMJX) parted ways with David O’Leary. Philadelphia’s Big 98.1 (WOGL) bid farewell to afternoon host Trey Morgan, and Greensboro’s 98.7 Simon (WSMW) let go of host Charley McCain. Detroit’s 104.3 WOMC saw midday host Aricka McCauley depart, and Cleveland’s Star 102.1 (WDOK) lost afternoon host and public service director Glenn Anderson. Even the BetMGM Network, Audacy’s sports betting arm, was not spared, with several team members released.
Other notable casualties include Elista Hathaway, who wore multiple hats as Assistant Brand Manager, Music Director, and midday host at WBZZ in Pittsburgh.
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| CEO and COO Both Gone |
These layoffs hit a mix of veteran broadcasters and rising talents, underscoring the scale of Audacy’s restructuring. The cuts reflect not just a financial recalibration but a strategic pivot as the company grapples with a media environment increasingly dominated by streaming platforms, podcasts, and digital advertising—a shift that has eroded traditional radio’s once-dominant position.
The layoffs follow a turbulent period for Audacy, which entered Chapter 11 bankruptcy in January 2023 with $1.9 billion in debt, a burden accumulated through aggressive expansion and acquisitions, including the 2017 merger with CBS Radio. The company emerged leaner in mid-2024 after shedding $1.6 billion of that debt, thanks to a restructuring plan backed by lenders like Soros Fund Management, which converted debt into equity stakes. However, the exit from bankruptcy has not insulated Audacy from broader industry headwinds, including declining ad revenues and competition from tech giants like Spotify and SiriusXM.
Compounding the operational upheaval, Audacy has undergone significant leadership changes in 2025.
In January, President and CEO David Field stepped down after 27 years with the company, including two decades at the helm. Field, who guided Audacy through its growth into a radio powerhouse, left amid the bankruptcy fallout and was replaced on an interim basis by Kelli Turner, a board member since September 2024 with a background in finance and media operations. In February, Chief Financial Officer Rich Schmaeling also resigned after seven years, with no immediate successor named—a move that raised eyebrows given the company’s fragile recovery. These executive departures signal a broader reset, though the lack of permanent replacements suggests uncertainty at the top as Audacy navigates its next chapter.
Looking ahead, Audacy’s cost-cutting measures may extend beyond this initial wave. Industry analysts speculate that the company could divest underperforming stations or further consolidate operations to bolster its balance sheet. With a market cap still dwarfed by pre-bankruptcy levels and a stock price languishing after relisting, Audacy’s survival hinges on its ability to adapt—whether through digital innovation, like its Audacy app, or leaner operations.
