Audacy mitigated its operating losses in the second quarter compared to 2023 as net revenues were up for the radio giant.
Net revenue was up to $301.6 million compared to the $298.5 million it featured in the same quarter last year. Radio revenue fell by 3% while digital revenue grew 12%.
The biggest success for Audacy came in the operating loss category. During April, May, and June of last year, the company lost $135.3 million. During that same time period in 2024, it lost $3 million.
Audacy also says it is preparing to exit the pre-packaged bankruptcy proceedings it initiated earlier this year. By doing so, 80% of its debt will be eliminated. The company claims the process should be completed — with FCC approval — to occur during the third quarter of this year.
“Our accelerating financial performance reflects our significant revenue share gains, low-teen growth in digital advertising, high single-digit growth in network radio, and prudent expense reductions, offsetting continued weakness in traditional ad markets,” said President and CEO David Field.
Pacing for the third quarter projects the company to show growth in the single-digits with broadcast radio revenue expected to continue to drop.
