About Audacy

Audacy, Inc. (Audacy) operates as a leading, scaled, multi-platform audio content and entertainment company. The company is the leading creator of live, original, local, premium audio content in the United States and the nation’s leader in local sports and news radio. The company is also one of the country’s leading podcasters and operate a digital marketing solutions business, an events and experiences business, and the Audacy digital audio streaming platform featuring a wide array of broadcast audio, podcasting and exclusive digital content. Through its multi-channel platform, the company engages its consumers each month with highly immersive content and experiences from voices and influencers its communities trust. The company’s robust portfolio of assets and integrated solutions help advertisers take advantage of the burgeoning audio opportunity through targeted reach and conversion, brand amplification and local activation - all at a national scale. The company is a home to more than 40 professional sports teams and dozens of top college athletic programs. As one of the country’s two largest radio broadcasters, the comopany offers local and national advertisers integrated marketing solutions across its broadcast, digital, podcast and event platform, delivering the power of local connection on a national scale. The company’s nationwide footprint of radio stations includes leading positions concentrated in the top 50 markets in the U.S. Digital and Live Events Platforms The company operates digital properties on multiple platforms, including websites, mobile apps, and social media. The company expands its reach and engagement with unique digital content and amplify brand impact through social media integration with influential local talent. Audacy App: The company provides streaming services through its Audacy app and website, its integrated digital platform where consumers discover and connect live with premium, curated content powered by over 856 programmed radio stations and their websites, podcasts, audio on-demand, and exclusive content across entertainment, music, news and sports. Harnessing the power of the company’s cumulative audience, this robust platform is delivering strong growth and deep engagement twenty-four hours a day, seven days a week. Podcast Studios: Through its strategic acquisitions of Pineapple, Cadence13 and Podcorn, along with the launch in 2022 of its 2400Sports podcast studio and its podcast creation efforts across its footprint of local newsrooms and studios, the company is one of the top podcasters in the United States creating, distributing and monetizing premium podcasts to its audiences with more than 40 million monthly listeners across hundreds of premium owned and partner shows. The company’s unique leadership position in podcasting leverages its scale across the top 50 markets, its enhanced targeted data capabilities, its top-rated portfolio of spoken word brands, and Cadence13, Pineapple Street and 2400Sport's capabilities as among the industry's leading developers and sellers of original podcast content. Podcorn: In March 2021, the company completed an acquisition of podcast influencers marketplace, Podcorn Media, Inc. (Podcorn). This acquisition expands the company’s product offering for advertisers and builds on its position as one of the country's three largest podcast publishers. Podcorn creates an infrastructure for enabling direct podcaster and advertiser relationships, surfacing the most relevant matches to scale native branded content, driving higher ROI for brands, and enhancing how podcast creators monetize their content. Sports Platform: The company is the nation's leading collection of sports talk stations covering 25 of the top 50 markets and broadcast partner to over 40 professional sports teams and numerous college athletic programs. In November 2020, the company acquired sports data and iGaming affiliate platform QL Gaming Group (QLGG), which brings data, analytics and insight-driven content to Audacy's sports broadcast stations, podcasts and its Audacy platform. AmperWave: In October 2021, the company completed an acquisition of WideOrbit's audio streaming and advertising technology business (WO Streaming). The company operates WO Streaming under the name AmperWave. This acquisition gives the company control of its product roadmap to deliver enhanced consumer-facing streaming features for its listeners and ad tech and ad product capabilities to better serve customers and drive new revenue opportunities. Live Events: The company is a leading creator of live, original events, including large-scale concerts, intimate live performances with big artists on small stages. Strategy The company’s strategy focuses on accelerating growth by capitalizing on scale, efficiencies and operating expertise to consistently deliver excellent premium audio content across its radio stations, podcasts, and exclusive digital programming to build and expand its audiences across its various distribution channels, including its Audacy digital streaming platform. In addition, the company focuses on growing revenues by working to enhance its capacity to serve customers compelling opportunities to access its large and targeted audiences and deliver highly effective marketing programs across its various platforms utilizing its emerging toolkit of broadcast radio, network, endorsements, events and experiences, digital audio streaming, podcasting, digital marketing solutions, social media, and more. The company also strives to offer a great place to work, where its talented high achievers can grow and thrive. Sources Of Revenue The primary source of revenue for the company’s radio stations is the sale of advertising time to local, regional and national advertisers and national network advertisers who purchase commercials in varying lengths. A growing source of revenue is from station-related digital product suites, which allow for enhanced audience interaction and participation, and integrated digital advertising solutions. A station’s local sales staff generates the majority of its local and regional advertising sales through direct solicitations of local advertising agencies and businesses. The company retains a national representation firm to sell to advertisers outside of its local markets. The company’s stations are typically classified by their format, such as news, sports, talk, classic rock, urban, adult contemporary, alternative and country, among others. A station’s format enables it to target specific segments of listeners sharing certain demographics. Advertisers and stations use data published by audience measuring services to estimate how many people within particular geographical markets and demographics listen to specific stations. The company’s geographically and demographically diverse portfolio of radio stations allows it to deliver targeted messages to specific audiences for advertisers on a local, regional and national basis. A growing source of the company’s revenues are derived from its digital and podcasting operations. The primary source of revenue for the company’s podcasting operations is the sale of advertising time to regional and national advertisers who purchase commercials in varying lengths. Spot Revenues The company sells air-time to advertisers and broadcast commercials at agreed upon dates and times. The company’s performance obligations are broadcasting advertisements for advertisers at specifically identifiable days and dayparts. The amount of consideration the comopany receives and revenue it recognizes is fixed based upon contractually agreed upon rates. The company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Digital Revenues The company provides targeted advertising through the sale of streaming and display advertisements on its station streams and digital platforms. Performance obligations include delivery of advertisements over the company’s platforms or delivery of targeted advertisements directly to consumers. The company recognizes revenue at a point in time when the advertisements are delivered and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. The company also provides embedded advertisements in its owned and operated podcasts and other on-demand content. Performance obligations include delivery of advertisements. The company recognize revenues at a point in time when the advertisements are delivered and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. The company also operates a premier digital agency business that serves local and national advertisers. The company’s offerings span all facets of digital advertising, with a suite of products that can fit nearly every advertiser's needs, helping them generate strong returns from their digital campaigns. Advertisers can seamlessly buy across the company’s broadcast platform, its owned digital assets like streaming and podcasting, and its third-party digital offerings like search, social, email and video. Through its acquisition of Pineapple, the company creates podcasts, for which it earns production fees. Performance obligations include the delivery of episodes. These revenues are fixed based upon contractually agreed upon terms. The company recognizes revenue over the term of the production contract. Network Revenues The company sells air-time on its Audacy Network. The amount of consideration it receives and revenue it recognizes is fixed based upon contractually agreed upon rates. The company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied. Revenues are recorded on a net basis, after the deduction of advertising agency fees by the advertising agencies. Sponsorship and Event Revenues The company sells advertising space at live and local events hosted by it across the country. The company also earns revenues from attendee-driven ticket sales and merchandise sales. Performance obligations include the presentation of the advertisers' branding in highly visible areas at the event. These revenues are recognized at a point in time, as the event occurs and the performance obligations are satisfied. The company also sells sponsorships, including but not limited to, naming rights related to its programs or studios. Performance obligations include the mentioning or displaying of the sponsors' name, logo, product information, slogan or neutral descriptions of the sponsors' goods or services in acknowledgement of their support. These revenues are fixed based upon contractually agreed upon terms. The company recognizes revenue over the length of the sponsorship agreement based upon the fair value of the deliverables included. Other Revenues The company earns revenues from on-site promotions and endorsements from talent. Performance obligations include the broadcasting of such endorsements at specifically identifiable days and dayparts or at various local events. The company recognizes revenue at a point in time when the performance obligations are satisfied. The company earns trade and barter revenue by providing advertising broadcast time in exchange for certain products, supplies, and services. The company includes the value of such exchanges in both net revenues and station operating expenses. Trade and barter value is based upon management's estimate of the fair value of the products, supplies and services received. The company recognizes revenue at a point in time when the advertisements are broadcast and the performance obligations are satisfied. Federal Regulation of Radio Broadcasting The company holds the Federal Communications Commission (FCC) licenses for its stations in wholly owned subsidiaries. Seasonality The company’s operations are impacted by political cycles and generally experience higher revenues in congressional and presidential election years (year ended December 31, 2022). History The company was founded in 1968 as a Pennsylvania corporation. It was formerly known as Entercom Communications Corp. and changed its name to Audacy, Inc. in 2021.