The recent workforce reduction at Audacy, now recognized as the second-largest broadcasting entity following iHeartMedia, has resulted in the loss of 200 jobs this week, as reported by a reliable radio industry source. A spokesperson from Audacy confirmed the layoffs, stating, “Audacy has made workforce reductions to ensure a strong and resilient future for the business.” They emphasized the necessity of streamlining resources to enhance competitiveness in an ever-evolving media landscape and to continue delivering top-notch services to both listeners and advertisers. This strategic move aims to strengthen the company’s position in a challenging market, ensuring it remains a key player in the broadcasting industry.
According to various broadcast industry reports, the layoffs spanned multiple departments within the company, affecting a wide range of employees from on-air talent to essential roles in accounting and human resources. One notable figure impacted by these reductions was J.R. Cruz, the morning-show host for Wichita, Kansas’s popular greatest-hits station 103.7 KEYN. Cruz took to Facebook on Wednesday (March 6) to announce that he and Audacy “parted ways” due to ongoing health challenges he has been facing. This highlights the human cost of corporate restructuring and the personal stories behind the statistics.
J.R. Cruz, who joined the radio station last August following significant health issues, including open-heart surgery, expressed his sentiments on social media, stating, “This radio biz sure does suck at times! My prayers go out to all who got laid off at Audacy!” His heartfelt message resonates with many who have experienced similar circumstances, emphasizing the emotional toll that layoffs can take on employees and their families, as well as the overall morale within the broadcasting industry.
The challenges faced by Audacy are not unique, as the company, similar to other leading broadcasting firms like iHeart, has struggled with substantial debt for several years. In January 2024, Audacy filed for Chapter 11 bankruptcy, a strategic move that allowed the company to reduce its debt burden by an impressive 80%, from $1.9 billion down to $350 million. This financial overhaul was necessitated by the heavy debt load acquired during the 2017 merger with CBS Radio, which saw Audacy, then known as Entercom, take on $2 billion in liabilities, a decision that has had lasting implications for its operational stability.
Despite assurances from Audacy at the time of the restructuring that operational activities would remain unaffected, the company proceeded to reduce its workforce a month later by “less than 2%.” This raises concerns among employees regarding job security and the long-term sustainability of the company. As one laid-off employee remarked, “It’s like, ‘How many layoffs can they go through before there’s nobody left?” This sentiment reflects the prevailing anxiety and uncertainty that often accompanies corporate downsizing, especially in an industry facing rapid changes and challenges.
In January, a significant leadership change occurred at Audacy, with the departure of president and CEO David Field. This transition led to board member Kelli Turner stepping in as the interim president and CEO, marking a pivotal moment for the company’s future direction. This leadership shift highlights the ongoing evolution within Audacy and raises questions about its strategic vision moving forward as it navigates a challenging broadcasting landscape.
