Audacy has announced it has skipped an $18 million debt payment that was due on Saturday, September 30th, in hopes of restructuring with its current lenders.

The company’s decision triggers a 30-day grace period, which the company claims it will utilize to “continue its dialogue with lenders regarding a potential plan to strengthen its capital structure to support Audacy’s strong operating business and position Audacy for long-term growth”.

The lack of payment does not affect the company’s ability to operate going forward.

“We continue to engage in discussions with our lenders as we execute on our overall growth strategy and remain focused on investing in our people, platform, content, and technology capabilities to serve our listeners and customers,” said Audacy Chairman, President, and CEO David Field.

“We continue to drive progress across our key performance metrics, meaningfully advance our ad tech and product roadmap, and enter new partnerships to enhance content, distribution, and monetization opportunities.”

The news of the company’s skipped debt payment comes months after it announced revenue had dropped 6.6% in the second quarter of 2023. Earlier this year, it conducted a reverse stock split in hopes of returning the stock price to more than $1 per share. However, as of publication, Audacy is trading at 43 cents per share.

Salem Radio Network Vice President Tom Tradup has been hired as Contributing Editor of All Israel News, the publication has announced.

In his new role, Tradup will coach the outlet’s writers and editors, and will also provide a weekly column about Israel, the Arab world, and U.S. policy in the Middle East.

“I could not be more thrilled that Tom Tradup has agreed to help All Israel News publish more great content and dramatically expand our traffic, reach, and influence,” founder Joel C. Rosenberg said.

Tradup will continue in his full-time role at Salem Radio Network, in addition to his new role with All Israel News.

“I’m honored to work with Joel Rosenberg and his awesome team. Given that they only launched on September 1, 2020, I’m astonished by just how much they’ve accomplished. They’re breaking stories that are getting picked up by much larger American and Israeli news outlets. They’re getting exclusive interviews with the most powerful leaders in Israel and the Arab world,” said Tradup.

“Also, they’re providing the best daily online coverage of what’s happening with Christians in Israel and the broader Middle East. TBN loves their work and has created a prime-time TV show with Joel as anchor and executive producer. And Joel is being interviewed by Fox News, Newsmax, the Jerusalem Post, and so many other major media outlets because of his expertise and unique perspective on the region.

“Clearly, the Lord is doing something very special here, and at this pivotal moment in history, I’m really looking forward to helping Joel and his colleagues build on this successful foundation and create exciting new content that educates Evangelical Christians about what’s happening in Israel and the region from a distinctly Biblical worldview.”

A U.S. Court of Appeals has handed down a decision providing the FCC 90 days to complete the 2018 quadrennial review. The NAB has shared their pleasure with the decision.

“NAB applauds the Court for recognizing the vital importance of the FCC completing its long overdue 2018 quadrennial review. Today, broadcasters’ service to communities across the country is imperiled by the Commission’s failure to modernize its decades-old media ownership rules,” NAB President and CEO Curtis LeGeyt said. “This ruling is an important step to compel a review that the record makes clear is necessary to allow local broadcasters to more fairly compete and deliver our trusted, locally-focused programming in a transformed media marketplace.”

Earlier this year, the NAB threatened to sue the FCC if it did not respond to a request to postpone the 2022 review until the 2018 review was completed. FCC Jessica Rosenworcel subsequently shared that changes to the commission’s ownership rules were still a work in progress, despite the legal challenges facing the quadrennial review.

However, the broadcaster group has shared its intention of working together with the FCC to find a resolution.

“NAB looks forward to actively engaging with the FCC to forge a path forward and reinforce the essential service provided by free, local broadcast stations in communities across the country.”