The Rest Of the Story: The Audacy Door Swings Both Ways

Audacy announced significant changes Monday to its executive leadership team. Kelli Turner, who had been serving as interim President and CEO since January 2025 following the departure of long-time CEO David Field, was officially appointed to the permanent role of President and CEO. This decision marked the removal of her interim tag, solidifying her position at the helm of the company. 

Kelli Turner

Turner has been a member of Audacy’s Board of Directors since September 2024 and brings a wealth of experience from her previous roles, including Managing Director and CFO of Sun Capital Partners and President and COO of SESAC Holdings.

Alongside Turner’s permanent appointment, Audacy revealed a broader executive shakeup. 

The company parted ways with four C-suite executives: Chief Operating Officer Susan Larkin, Chief Digital Officer J.D. Crowley, Chief Marketing Officer Paul Suchman, and Executive Vice President and General Counsel Andrew Sutor. These departures signal a significant restructuring of the leadership team as Audacy aims to navigate its next phase of growth following its emergence from Chapter 11 bankruptcy in 2024.

To fill some of these vacated roles and bolster the leadership team, Audacy promoted two internal executives: Chris Oliviero was named Chief Business Officer, having previously served as Market President for Audacy New York, and Bob Philips was appointed Chief Revenue Officer, transitioning from his role as President of Audacy Networks and Multi-Market Sales. Both Oliviero and Philips have extensive histories with Audacy and its predecessor companies, bringing deep institutional knowledge to their new positions. Additionally, Mike Dash, a nearly 20-year veteran of the company, was named Executive Vice President and General Counsel, succeeding Andrew Sutor, who will remain temporarily to ensure a smooth transition.

Turner expressed enthusiasm about her permanent role, stating, “It’s a privilege to lead Audacy at this exciting moment in its impressive history and the evolution of audio,” and highlighted her excitement to work with Oliviero and Philips, praising their expertise in management, programming, and sales. Audacy Chairman Michael Del Nin also commended Turner’s appointment, noting her as an “exceptional media executive” poised to lead the company through reinvention and growth, alongside the newly configured leadership team.

Oliviero, Phillips

Oliviero started at CBS Radio as a production assistant for the Howard Stern Show in New York and rose through the ranks to serve as chief content officer. After about 18 months as a media consultant, Oliviero joined Audacy in 2020 as market president for New York.

Philips climbed the executive ranks to chief revenue officer at CBS Radio before it was acquired by Audacy, then called Entercom. Philips served as chief revenue officer at Entercom until 2021, at which time he was named president of networks and multi-market sales for the rebranded Audacy.

It was not immediately clear if Turner, Oliviero or Phillips will relocate to Audacy’s Philadelphia headquarters. Both Turner and Oliviero are situated in New York and Phillips is based in Baltimore.

Turner is the first person who is not a member of the Field family to lead Audacy since its inception in 1968. Joseph Field founded the company and his son David Field became CEO in 2002, three years after it went public.

It is now the second-largest U.S. radio station operator behind iHeartMedia.The company owns over 220 radio stations across 47 media markets.Joseph M. Field founded the company as Entertainment Communications (which would later be shortened to Entercom) on October 21, 1968, on the conviction that FM broadcasting, then in its infancy, would eventually surpass AM broadcasting as the leading radio broadcast band.

This executive overhaul comes on the heels of other recent changes at Audacy, including layoffs earlier in March 2025 that affected hundreds of employees, reflecting the company’s efforts to streamline operations and position itself for long-term success in the competitive audio entertainment landscape.

Audacy's bankruptcy recovery is a significant chapter in the company's recent history, reflecting its efforts to restructure and emerge stronger in the competitive audio entertainment industry. Audacy, one of the largest radio broadcasters in the United States, filed for Chapter 11 bankruptcy on January 7, 2024, in the U.S. Bankruptcy Court for the Southern District of Texas. This filing came after the company faced mounting financial pressures, primarily driven by a substantial debt load of approximately $1.9 billion, which had been exacerbated by challenges in the traditional radio industry, including declining advertising revenues and the shift toward digital media.

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The Bankruptcy Filing and Restructuring Plan: Audacy's bankruptcy was a pre-packaged filing, meaning the company had already negotiated a restructuring support agreement (RSA) with a majority of its debtholders before entering court. This approach allowed for a faster and more controlled process compared to a traditional bankruptcy. Under the RSA, Audacy aimed to significantly reduce its debt by converting roughly $1.6 billion of its obligations into equity for its creditors. The plan received support from holders of about 77% of Audacy’s first-lien debt and 88% of its second-lien debt, indicating strong creditor backing for the restructuring.

The company cited macroeconomic challenges, such as tightened advertising budgets and increased competition from streaming services and podcasts, as key factors necessitating the restructuring. Despite these pressures, Audacy maintained that its core operations remained viable, with its 230 radio stations, extensive podcast network, and digital platforms continuing to serve millions of listeners. The pre-packaged nature of the filing allowed Audacy to secure $57 million in debtor-in-possession (DIP) financing from its existing lenders to ensure operational continuity during the bankruptcy process.

Emergence from Bankruptcy:  Audacy successfully emerged from Chapter 11 bankruptcy in June 2024, less than six months after its initial filing. The U.S. Bankruptcy Court approved the company’s reorganization plan on May 17, 2024, enabling Audacy to reduce its funded debt by approximately 83%, from $1.9 billion to $350 million. This deleveraging was a cornerstone of the recovery, providing Audacy with a more sustainable capital structure. As part of the plan, the company’s existing equity was wiped out, and its stock was delisted from the New York Stock Exchange (where it had traded under the ticker "AUD" until late 2023, when it moved to over-the-counter trading as "AUDA"). In exchange, creditors received equity in the reorganized company, effectively transferring ownership to the debtholders.

Upon emergence, Audacy emphasized its commitment to its workforce and operations, retaining its 3,500 employees and continuing to operate its portfolio of assets, which includes market-leading radio stations in cities like New York, Los Angeles, and Philadelphia, as well as a growing podcast division featuring popular shows like We Can Do Hard Things and The Sports Junkies. The company also maintained its partnerships, such as its role as the exclusive audio home of the Philadelphia Phillies and its exclusive streaming rights to the NCAA Men’s Basketball Tournament.

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Post-Bankruptcy Trajectory: Since exiting bankruptcy, Audacy has focused on stabilizing its operations and positioning itself for growth in a rapidly evolving media landscape. The appointment of Kelli Turner as permanent President and CEO, alongside the restructuring of its C-suite, underscores this intent. The company has also taken steps to streamline costs, as evidenced by layoffs in early March affecting ab estimated 300 staffers , a move aimed at aligning its expense base with its post-bankruptcy financial reality.

Financially, Audacy reported modest improvements in its performance post-bankruptcy. For example, its Q3 2024 earnings, released in November 2024, showed a 4% year-over-year revenue increase to $307 million, driven by growth in digital revenue (up 11% to $72 million), though offset by a 2% decline in radio revenue to $235 million. Net income for the quarter was $4 million, a significant improvement from a $224 million loss in Q3 2023, reflecting the impact of the debt reduction. However, the company continues to face challenges, including a competitive digital audio market dominated by players like Spotify and iHeartMedia, and a radio advertising sector that remains under pressure.

Strategic Outlook:  Audacy’s bankruptcy recovery has provided it with a cleaner balance sheet, but its long-term success hinges on its ability to adapt to industry trends. The company has leaned into its digital transformation, with investments in podcasting and streaming platforms like the Audacy app, which offers access to its radio stations, exclusive content, and podcasts. Leadership changes, such as the promotion of seasoned executives like Chris Oliviero and Bob Philips, signal a focus on leveraging internal expertise to drive revenue and innovation.

Analysts view Audacy’s recovery as a mixed story: the debt reduction has bought the company time and flexibility, but it must accelerate its digital growth to offset the secular decline in traditional radio. The company’s market cap, now privately held by its former creditors, is estimated to be significantly lower than its pre-bankruptcy valuation, reflecting the equity wipeout and ongoing industry headwinds. Nevertheless, Audacy’s leadership remains optimistic, with Turner emphasizing a “new chapter” of reinvention and growth as of March 2025, supported by a leaner financial structure and a refreshed executive team.