Audacy Inc has lost over $1 billion since acquiring CBS Radio, home of KYW and 94.1 WIP among other Philly stations
According to recent reports, Audacy Inc. the parent company of KYW News Radio and 94.1 WIP since 2017 when they acquired the station in the purchase of CBS Radio, has lost over $1 billion since the acquisition.
Look, I’m no financial genius of any sorts, but if you take a look at the Audacy Inc stock price over the past five years since the purchase of CBS Radio, clearly this wasn’t working out from the jump.
A good tip: You generally don’t want to see numbers plummet to a price trading basically at a penny stock as of today. Trading at less than a $1 per share is even lower than it was during the COVID-19 pandemic. Not great.
More on Audacy Inc
Since 2018, based on its regulatory filings, Audacy has lost $1 billion in net income, though the company dramatically improved its finances as the shock of the pandemic wore off, losing only $3.6 million in 2021. Audacy had revenues of $1.2 billion in 2021 and long-term debt of $2.2 billion.
(via the Inquirer)
So what happens to the company has a staff of 3,585 full-time employees and 1,295 part-time employees? On top of KYW and 94.1 WIP, Audacy owns the Philly radio stations 1201 WPHT, B101 and Big 98.1.
Audacy is obviously a long way away from closing its doors and selling off stations like furniture at an estate sale, but it’s currently trending in the wrong direction. Honestly, I don’t know how they didn’t see something like this coming. Who thought it was a good idea to go “all-in” on radio?
On the surface this would seem to be more about the stuff that Audacy Inc is doing wrong than 94 WIP specifically. Just buying up a bunch of radio stations at a time when it was already clear that they were archaic institutions was a bad idea. It also highlights just how incredibly outdated sports radio has become over the past few years.
The industry is dying. So yeah, Audacy is down a billion dollars. WIP and all radio stations will probably continue to chug along for as long as car dealerships exist to buy ad space. Just don’t expect them to suddenly get better.
Unless they’re willing to make a deal.
A simple plan to save Audacy in Philadelphia
I have a proposal. Audacy can unload its failing radio station to us here at The Liberty Line. We will fix it.
I won’t take on any on air role personally, as I’m far too handsome to be on the radio. I will instead be station manager. All current on air talent at 94 WIP can audition to keep their roles with the organization. The audition will consist of them having to eat a live madagascar hissing cockroach on a live stream.
I expect there will be many resignations. In order to fill in the dead air I’ll pay homeless people to come into the station and tell their stories. The people of the streets have wisdom that needs to be shared. I’d expect that I’ll quickly find people far more talented than almost anyone currently employed at 94 WIP with this method.
Who would you rather listen to? John Marks and Ike Reese or The Guy From the 95 Off Ramp and Stan “No Pockets” from parts unknown?
Don’t even pretend like it’s a hard choice.
Lastly, we will hire a reporter to be embedded with the dirt bike and ATV children that terrorize the city during the summer months. I don’t know what they’ll find out but it’ll probably be cool.
So that’s my proposal. Audacy Inc, you have the day to think about it.
Mandatory Credit: The Inquirer