Audacy has been facing a potential delisting of its stock on the New York Stock Exchange, and the company has devised a plan to return its price to a compliant status with the exchange.
In a regulatory filing, Audacy shared it intends to implement a reverse stock split after its shareholder’s meeting on Wednesday, May 24th.
The New York Stock Exchange requires companies to maintain an average closing price of at least $1.00 for 30 consecutive days of trading. Audacy’s price hasn’t closed above that threshold since July 5th of last year.
The exchange does grant grace periods, and the company was given until February 1st to return to compliance. However, as of Monday, the stock price closed at 11 cents per share.
“While price of our common stock might meet the continued listing requirements for the NYSE initially, it cannot be assured that it will continue to do so,” Audacy admitted in the filing.
Audacy also claimed that implementing a reverse stock split could potentially make it more difficult for investors to buy and sell their shares.
A reverse stock split could also be a risky endeavor. Should Audacy’s market cap fall below $15 million during 30 consecutive days of trading, the NYSE could still delist the company. With the move, there would be “no guarantee that we will be in compliance with these financial criteria requirements in future periods.”
Last August, a report surfaced that Audacy would enter bankruptcy proceedings with its potential delisting looming, which the company strongly denied at the time.
“That statement is categorically and unequivocally untrue,” Audacy President and CEO David Field said in an internal memo obtained by Barrett News Media at the time. “Audacy intends to pursue all applicable remedies for false and defamatory statements meant to cause damage to Audacy, its employees, and its stakeholders to the fullest extent of the law.”
In the fourth quarter of the fiscal year, Audacy saw a 0.8% decline in revenue, but still concluded 2022 with a 3% increase.
Robert Dove Named Market Manager at Alpha Media Portland
“He knows Portland like no other broadcaster, has deep relationships and knowledge of our city’s intricacies, and will be a great addition to our team of Market Managers all across America.”
Former iHeartMedia Regional President Robert Dove has been named the new Market Manager at Alpha Media in Portland.
The Portland native will step into the shoes vacated after Lisa Decker announced her impending retirement. Decker worked as the cluster’s leader for the past seven years.
“I’m very excited to join the Alpha Media team. As a native Portlander having the chance to work with some of Portland radio’s most iconic brands is very rewarding and fulfilling,” said Dove. “I can’t wait to get started.”
Most recently, Dove has worked as the Managing Partner at a Portland advertising agency. He brings 36 years of broadcasting experience to the group, including a five-year run as the Regional President of iHeart, overseeing the Seattle, Portland, Spokane, Anchorage, and Fairbanks clusters.
“I am very excited to have Robert lead us to new heights, opportunities, and successes,” added Alpha Media CEO Bob Proffitt. “He knows Portland like no other broadcaster, has deep relationships and knowledge of our city’s intricacies, and will be a great addition to our team of Market Managers all across America.”
Portland serves as the Alpha Media headquarters. The cluster includes news/talk stations 101 KXL and Freedom 970.
Kevin Cassidy Named Market Manager at Audacy Chicago After Promotion of Rachel Williamson
“We are confident that Chicago will continue to thrive under Kevin’s guidance.”
Audacy has announced a pair of internal promotions that include a new leader at its Chicago cluster.
Rachel Williamson has been elevated to President of Local Sales Strategy and Innovation for the company. In her new role, she’ll report to Chief Revenue Officer Brian Benedik.
“I am looking forward to working with our incredibly talented leaders across Audacy to continue positioning the company as a premier partner for our advertisers,” said Williamson.
“We are thrilled to move Rachel into this new, important assignment,” said Benedik. “Her leadership experience and expertise with linear and digital audio and video will be a tremendous asset to growing our local business across Audacy.”
Williamson had served as the Market Manager and Regional Vice President of the company since 2020. She oversaw the Chicago, Madison, Milwaukee, and Minneapolis markets.
As a result of Williamson’s promotion, the company has elevated Kevin Cassidy to Senior Vice President and Market Manager of Audacy Chicago.
“With an impressive multiyear track record of success overseeing our New Orleans cluster, Kevin knows how to grow brands and deliver performance,” said Audacy Region President Brian Purdy. “We are confident that Chicago will continue to thrive under Kevin’s guidance.”
“It has been a remarkable experience representing our New Orleans brands over the last five years,” said Cassidy. “I’m excited to embark on the next chapter of my career and look forward to leading Audacy Chicago’s exceptional portfolio of stations.”
Before being named Market Manager of the company’s New Orleans cluster, he served as the sales manager of the company’s music brands in Dallas.
Westwood One Tabs Collin Jones to Replace Suzanne Grimes As President
“With his deep understanding of both Cumulus Media and Westwood One, Collin is uniquely qualified for this role and is well-prepared to harness the full power of our platform to help Westwood One grow.”
Westwood One has announced Suzanne Grimes has exited her role as President and will be replaced by Collin Jones. Grimes had led the organization for the past eight years.
“I would like to thank Suzanne for her invaluable contributions and her pivotal role in our success. Under her leadership, we launched the top-rated Cumulus Podcast Network, built the multi-platform Westwood One News/Talk franchise, and established the industry-leading Audio Active Group,” Cumulus Media President and CEO Mary Berner said. “Throughout her time with Cumulus, she has been a remarkable leader, colleague, and mentor to many, and we are certain she will accomplish great things wherever she chooses to share her talents next.”
Jones has worked at the company since 2011, and will continue to serve in his current role as Executive Vice President of Corporate Strategy & Development alongside his new duties as Westwood One President.
“I am excited for the opportunity to expand upon Suzanne’s successes,” Jones said. “Since acquiring Westwood One in 2013, I have been struck by the breadth of its capabilities, the strength of its content and service offerings, and its enormous influence on the broadening audio landscape. I look forward to working day-to-day with Westwood One’s creative, passionate, and talented team to fuel growth and unlock even more value for Cumulus Media and our shareholders.”
In addition to his roles with the company, Jones is the National Association of Broadcasters Radio Board Chairman and Vice Chairman of the Radio Music License Committee.
“With his deep understanding of both Cumulus Media and Westwood One, Collin is uniquely qualified for this role and is well-prepared to harness the full power of our platform to help Westwood One grow,” Berner added. “Collin has consistently demonstrated his savvy business acumen, effective management style, and collaborative spirit, and I have full confidence that he has the skills and the vision to build upon Suzanne’s considerable accomplishments.”