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Audacy Provides Strong Performance Update Following Restructuring Plan ApprovalAudacy, Inc. (the "Company" or "Audacy") is pleased to report a strong start to 2024, driving significant sequential acceleration across key financial metrics and performance indicators. The Company is providing this update to deliver additional visibility on its progress since receiving court approval of its consensual pre-packaged Plan of Reorganization on February 20, after just six weeks. The Company now awaits FCC approval to complete its restructuring and plans to file its 2023 10-K later this month. "Audacy is off to a strong start in 2024, driving accelerated financial and operating performance, including solid early growth in revenues, key digital metrics, and audience and revenue shares," said David Field, Chairman, President and Chief Executive Officer, Audacy. "We look forward to a bright future, capitalizing on our best-in-class balance sheet and our scaled leadership position in the dynamic audio market, distinguished by our exclusive premium content and top positions across the country's largest markets." Strong Early 2024 Sequential Revenue Acceleration
Emerging with Robust Balance Sheet
Fourth Quarter Operating Results In Line with Expectations
Strong Broadcast Ratings Growth
About Audacy Audacy, Inc. is a leading multi-platform audio content and entertainment company that connects with 200 million consumers. Powered by its exclusive, premium audio content that includes unrivaled leadership positions in news and sports radio, Audacy operates one of the country's two scaled radio broadcasting groups, a rapidly growing direct-to-consumer digital audio platform, multiple audio networks, a major event business and a leading, award-winning podcast studio. Learn more at www.audacyinc.com, Facebook, X, LinkedIn and Instagram. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and are subject to certain risks and uncertainties, including the Company's ability to obtain regulatory approval for emergence from Chapter 11 protection and its anticipated future financial or operational results. The preliminary financial results in this press release have not been subject to the Company's audit or closing procedures, as applicable, for the fiscal year ended December 31, 2023 or for the quarter ended March 31, 2024, only reflect the Company's estimated results as presented in this press release and therefore remain subject to change in connection with those procedures. Additional information and key risks applicable to these statements are described in the Company's reports on Forms 8-K, 10-Q and 10-K and other filings the Company makes with the Securities and Exchange Commission. All of the forward-looking statements in this press release are qualified by these cautionary statements, and actual results or developments may differ materially from those in these forward-looking statements. The Company assumes no obligation to publicly update or revise any forward-looking statements.
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