Professional
Added to YB: 2024-10-29
Pitch date: 2024-10-25
AUD [bullish]
Audacy, Inc.
Author Info
CrossingBridge Advisors is a fund that seeks high current income and capital appreciation consistent with the preservation of capital. Follow the founder on Twitter/X.
Company Info
Audacy, Inc., a multi-platform audio content and entertainment company, engages in the radio broadcasting business in the United States.
Market Cap
$785.3K
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
3.13
P/E
-0.00
EV/Sales
0.19
Sector
Media
Category
turnaround
CrossingBridge Advisors Portfolio Holding: Audacy, Inc.
AUDAQ: Post-bankruptcy radio broadcaster. $310M net debt, 48% LTV. Strong cash margins, capital-lite. Secular decline in listenership, revenue -1-2%/yr. CEO David Field remains, backed by Soros. Poor past capital allocation led to bankruptcy. New debt structure: $25M SOFR+700bp & $225M SOFR+600bp. CrossingBridge bought discounted debt.
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