Audacy CEO David Field Steps Down

by

Five months following the emergence of Audacy (formerly known as Entercom Communications) from Chapter 11 bankruptcy proceedings and financial reorganization, its CEO and president, David Field, has decided to step down from his position.

Field announced that he is leaving his position as CEO and President of Audacy, effective immediately. Kelli Turner, a member of our Board, will temporarily assume my duties while we search for a permanent replacement.

Audacy, which houses popular SoCal stations such as KROQ, KRTH 101, and 100.3 Jack FM, along with WINS-FM in New York and numerous others, submitted a bankruptcy petition in January to manage the shift from traditional radio listening to podcasts and streaming audio. They support popular podcasts like “Office Ladies”, “The goop Podcast”, and those related to TV shows such as “The Severance Podcast” while expanding their content selection.

In an effort to reduce debt, Audacy is considering a transition from being a publicly traded company on the New York Stock Exchange to becoming privately owned.

Field’s full note to employees is below:

I’m reaching out to announce my departure from my positions as both CEO and President at Audacy, effective immediately. One of our board members, Kelli Turner, will be assuming my responsibilities on an interim basis while we search for a permanent successor. Kelli is a seasoned professional with extensive expertise, and I trust she’ll steer Audacy capably during this period of transition. In addition, I will take on the role of Special Advisor to the CEO and Board of Directors, eager to continue contributing to Audacy in this new capacity.

We put out a press release announcing the news this morning, which you can read here.

Initially, when I joined Audacy (formerly known as Entercom), our annual revenue stood at $10 million across ten specialized radio stations. Now, we’ve evolved into a multibillion-dollar industry leader in the audio sector, boasting one of the two largest broadcast groups in the nation, one of the biggest podcast networks, an undisputed champion in sports audio, and many other significant achievements.

Over the last several years, we’ve encountered tough times due to the challenging conditions affecting nearly every media business. However, by working together, we’ve successfully undergone a significant reorganization, leaving us robust, healthy, and ready to thrive in what lies ahead.

After completing our restructuring in September, we emerged with the industry’s most robust financial structure. Simultaneously, we achieved top-tier growth, as EBITDA increased approximately 70% by the third quarter of 2024. This impressive growth was fueled by substantial revenue gains in both our radio and digital sectors. Furthermore, I am pleased to mention that we managed to accomplish this while remaining faithful to our values and continuously serving our audience and customers without interruption.

For nearly three decades, I’ve been at the helm of Audacy, guiding this incredible company through its journey. Today, we stand in a robust competitive and financial landscape, following a year of unparalleled growth within our industry. The moment feels ripe for transition, as I hand over the reins to fresh leadership. It’s time for me to embark on new adventures and tackle novel challenges.

As a devoted fan, I’m swelling with pride for our exceptional team. Our collective efforts, which significantly matter to our audience, clients, collaborators, and communities, are truly making a profound impact. This company is blessed with an abundance of skill and talent, ensuring it stands strong as we journey into the future.

I’ll deeply cherish my daily work experience at this exceptional company, alongside this remarkable team of top-notch professionals. It’s been a privilege to serve you throughout all these years. I eagerly anticipate further opportunities to make a difference at Audacy in my new position.

With great respect, appreciation, and all best wishes for the chapters ahead,

David

Read More

2025-01-29 18:55