New Round Of RIFs At Audacy

A round of layoffs is currently underway at Audacy Communications. Although specific names of affected employees have not been disclosed, company sources indicate that approximately just under 100 employees will be impacted by the current round of departures. So far, we’ve heard about affected staff members at the company’s News stations and the Traffic Weather Information Network.

Among those affected is Mike Kadlick, who has been covering the Pats for WEEI and Audacy Sports, said he was being let go by the company on Wednesday.

Some unfortunate non-football news:

My time with @WEEI has come to an end due to company-wide reductions. Very tough to swallow right before the NFL Draft, but I’m looking forward to continuing covering the #Patriots in some way.

I’ll still be plugged in this weekend.

Onward.

— Mike Kadlick (@mikekadlick) April 24, 2024

Audacy, having recently emerged from bankruptcy, faced a significant decline in radio ad spending, amounting to several billion dollars. An Audacy spokesperson, who refrained from disclosing the exact number of employees impacted at WEEI. However, it has been clarified that less than 2% of the Audacy workforce will be affected by these cuts. The situation is undoubtedly challenging for those involved, and the company’s restructuring efforts are closely monitored by industry observers.

On January 7, 2024, Audacy announced that it had filed for Chapter 11 bankruptcy, citing approximately $1.9 billion in debt.

“Audacy is performing well against our 2024 business plan, and we are on track to emerge as a stronger and healthier company, well positioned for a bright future as a differentiated, scaled industry leader with the industry’s strongest balance sheet,” the Audacy spokesperson said in a statement.

“As we continue to make large investments and drive enhancements across our business, we are simultaneously implementing some difficult but necessary decisions that will impact less than 2% of our workforce to best position our company for long-term growth,” the spokesperson added.

Audacy executives havew attributed the financial woes to decreased advertising demand and macroeconomic issues created by inflation, but the nation’s second-largest radio station owner was also grappling with almost $2 billion in debt and a stock price below the $1 listing requirement from the New York Stock Exchange.

Audacy operates hundreds of radio stations that broadcast music, news, and sports, and provides streaming services through its mobile app. Founded in 1968 as Entercom Communications, the company merged with CBS Radio in 2017. It operated as Radio.com following the CBS merger before rebranding as Audacy in 2021.