With the company’s stock price continuing to wallow below $1 and a New York Stock Exchange warning that it could be delisted, along with another round of company-wide job cuts, sledding has been tough at Audacy, the nation’s second-largest radio group. However, CEO David Field flatly denies a report that claims he has confirmed his company is on the verge of bankruptcy.
The defensive claim comes after radio industry blogger Jerry Del Colliano published an article Tuesday morning with the headline “David Field Confirms Audacy Bankruptcy.” This same headline was picked up and tweeted by Boston NPR WGBH media reporter Henry Santoro (89.7) without attribution to the original report or link to Del Colliano’s blog. Santoro’s post, which has since been deleted, was picked up by others in the media.
Audacy responded to the rumor Tuesday night.
“A blog post published today falsely claims that the CEO of Audacy has confirmed Audacy’s bankruptcy. This claim is categorically untrue,” said the Twitter account Audacy Corp. job. “Audacy intends to vigorously pursue all available remedies for misrepresentations intended to cause harm to Audacy and its stakeholders.”
Field also responded to unverified claims with an internal email.
“I am contacting you to respond to some false Audacy industry troll news currently circulating. An industry blog post published today falsely claimed that “David Field Confirms Audacy Bankruptcy” “, Field wrote before paraphrasing the content of the short tweet sent by the company, including the intention to pursue legal action against Del Colliano.
“As you have heard from me and other members of our management team, we are excited and confident about our future and are focused on effectively capitalizing on the acquisitions, investments and improvements we have made to position the company for a bright future in the dynamic, growing world of audio,” the Field memo continues. “Audacy is better positioned than ever to serve customers and audiences with greater revenue and profit potential in normalized market conditions.”
Prior to the opening of the New York Stock Exchange on Wednesday August 31, Audacy shares were priced at $0.52. The last time the stock closed above $1 was July 5. The stock price had fallen 73% year over year when the NYSE warned the company that it was facing delisting earlier this month.