Entercom

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Audacy, Inc. is an American broadcasting company based in New York City. Founded in 1968 as Entercom Communications Corp., it is the second largest radio company in the United States, owning over 220 radio stations across 47 media markets. In November 2017, the company merged with CBS Radio. The transaction was structured as an exchange offer whereby owners of CBS Corporation common shares (i.e., not the multiple-voting shares held by CBS Corp parent company National Amusements) at the time of the merger could elect to exchange their shares for Entercom shares corresponding to a 72% stake in the combined company. The company changed its name from Entercom to Audacy on March 30, 2021. On April 9, the ticker symbol on the New York Stock Exchange changed from "ETM" to "AUD". Audacy, Inc. emerged from bankruptcy on September 30, 2024, and is now a privately owned company. The new ownership group includes Soros Fund Management (which has controlling interest) as part of their other audio investments.