Owner of several Chicago radio stations files chapter 11 bankruptcy

Audacy, the 2nd largest radio station owner, which own WBBM and WSCR, has filed for Chapter 11 bankruptcy. This may have some impact on radio broadcasts of Chicago sports teams.

They have already reached agreement with creditors to turn $1.6B of a total $1.9B in debt into equity in the reorganized company. It may not have much impact on rights in the same way that IHeartMedia’s bankruptcy and reemergence a couple of years ago didn’t.