5 months after the radio and podcast big Audacy emerged from Chapter 11 chapter and a monetary restructuring, its CEO and president David Subject is stepping down.
“I’m writing to share the information that I’m stepping down from my position because the CEO and President of Audacy efficient at present,” Subject wrote in a memo to employees on Wednesday. “One in all our Board members, Kelli Turner, will likely be taking on my duties on an interim foundation whereas the corporate conducts a seek for a brand new everlasting chief.”
Subject had led the corporate — which was previously named Entercom till a reputation change 4 years in the past — since 2002 as CEO because it battled for audio supremacy throughout the nation’s airwaves with Clear Channel Communications, its rival that has since rebranded as iHeartMedia.
Audacy, residence to SoCal mainstays like KROQ, KRTH 101 and 100.3 Jack FM in addition to WINS-FM in New York and 200-plus radio manufacturers, had filed for chapter final January because it navigates a transition of shopper habits from linear radio to podcasting and streaming audio. It backs well-liked titles like Workplace Girls, Fly On the Wall, The goop Podcast and TV present adjoining titles like The Severance Podcast because it has diversified its choices.
As a part of its monetary restructuring to eradicate debt, Audacy is planning to grow to be a personal firm after beforehand buying and selling on the New York Inventory Alternate.
Subject’s full notice to workers is under:
I’m writing to share the information that I’m stepping down from my position because the CEO and President of Audacy efficient at present. One in all our Board members, Kelli Turner, will likely be taking on my duties on an interim foundation whereas the corporate conducts a seek for a brand new everlasting chief. Kelli is an completed chief with a wealth of expertise, and I’m assured that she’s going to present robust management for Audacy throughout this transition interval. I may even grow to be a Particular Advisor to the CEO and Board of Administrators and look ahead to serving Audacy on this new position.
We put out a press launch asserting the information this morning, which you’ll be able to learn right here.
After I began at Audacy (then Entercom), we had $10 million in revenues with ten area of interest radio stations. Right this moment, we’re a $1.2 billion, multi-platform audio chief with one of many nation’s two scaled radio broadcast teams, one of many largest podcast networks, the unequalled chief in sports activities audio, and a lot extra.
The previous few years have been troublesome as now we have confronted the secular headwinds impacting just about all media corporations. Collectively, we accomplished a extremely efficient restructuring, rising robust, wholesome and well-positioned for the long run.
We emerged from our restructuring final September with the {industry}’s strongest stability sheet. On the similar time, we delivered industry-leading progress with EBITDA up roughly 70% by the third quarter of 2024, pushed by important income share beneficial properties throughout each our radio and digital companies. I’m additionally proud to notice that we did all this whereas staying true to our values and serving our listeners and prospects with out disruption.
It has been 27 years since I took the helm at Audacy. With the corporate now in a robust aggressive and monetary place and constructing on a 12 months of industry-leading progress, it’s the optimum time to go the baton to new management and for me to maneuver on to pursue new targets and challenges.
I’m deeply happy with our great group and all the things now we have completed. The entire nice work we do makes a significant distinction for our listeners, prospects, companions, and communities. The corporate has a deep pool of expertise and is in nice arms going into the long run.
I’ll dearly miss working day-after-day at this particular firm and being part of this excellent group of high quality people. It has been a real honor to serve you over all of those years. I look ahead to persevering with to contribute to Audacy in my new position.
With nice respect, appreciation, and all greatest needs for the chapters forward,
David