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• Do commercial radio companies now have something else to worry about as Christian music stations are amassing larger audiences.
• EMF bought all those distressed radio stations for pennies on the dollar, now look at their plan to compete with commercial broadcasters.
• Jesus takes the dial but commercial broadcasters answer to a higher power.
• The real threats of EMF Christian music formats to their competitors.
• The way to beat non-coms at their own game.

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• Interest in buying Audacy out of bankruptcy reportedly amps up.
• One anxious buyer has done business with David Field.
• A foreign investor reportedly pursuing it under the radar.
• What it would take for lenders-turned new owners to flip Audacy.
• Why the sudden burst of interest in buying other distressed radio groups – we name a few companies.

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• First things first – the things the new owners burned in bankruptcy are champing at the bit to carry out.
• During year one some unexpected changes (remembering that these new owners never ran even one radio station).
• Down the line some expected and unexpected moves that they gave themselves the power to do in the bankruptcy pre-packaged agreement.
• Reading the new owner’s digital intentions.
• What I’m hearing about a company reportedly looking at buying all or part of Audacy.

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• The identity of the next 3 radio groups to file for bankruptcy.
• Apollo is the largest private equity owner of radio and their investments are in trouble – why?
• How private equity sees the future of radio ownership from their perspective.
• A litmus test for whether now is the best time to buy a highly-discounted radio station.
• What happens when iHeart, Cumulus and even Audacy file second bankruptcies which are being predicted.

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• This is what motivated Audacy to shell out $1.3 million in retention bonuses to people going absolutely nowhere.
• But here’s the company’s claw back clause which is rarely noticed.
• Why Audacy is increasingly skittish about the pre-packaged bankruptcy going through.
• What could happen next if it doesn’t – and yes, these types of deals tend to blow at the last minute.
• Audacy’s zero tolerance policy on bankruptcy talk.

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• How iHeart, Cumulus and Townsquare are increasingly pulling the plug as a reality of doing business.
• Why don’t they just sell them for whatever they can get?
• Could Audacy’s new owners be hot to shut down some stations costing them too much money to bother?
• The reason AM stations are targeted the most, but these kinds of FMs aren’t safe.
• The two reasons that forced owners’ hands.
• These markets are off limits – period.

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• What’s the status of Dan Mason returning as a board member to choose the new CEO – still interested?
• A possible sleeper candidate not to be dismissed.
• Is it a done deal with David Field getting kicked to the board?
• Here’s how to tell whether the lenders-turned owners are serious about fixing Audacy or gutting the company.

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• As incredible as it may seem -- why the drop from $1.9 billion to $350 million in debt will still not be enough.
• Audacy’s big mistake in their bankruptcy filing that poses a problem even when they emerge.
• Why their newly converted equity will continue to decline in value risking another default on the reinstated debt.
• The impact of programmatic buying when interest on their $350 million loan needs to be repaid.
• Red flag for the 3 radio groups that will be filing for bankruptcy next – don’t make these mistakes that Cumulus, iHeart and now Audacy made to avoid being a “zombie” company.

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• Bye, bye 1010 WINS and a group of other stations – the new owner’s aggressive sales plan.
• But not FM stations, right?
• The first indication that they plan to do a Cumulus-type WPLJ selloff of properties – and most importantly, the timetable.
• What’s not for sale – that’s a good question, but there is a good answer.
• What happens to podcasting and digital beyond what the outgoing Field regime is publicly saying.
• A new CEO is coming -- look at what scorched lenders actually got Field to insert in the pre-pack agreement to guarantee it.
• How the first-tier lenders rammed language down David Field’s throat to make him sing for his supper.
• This is a real bankruptcy despite the fact that it is agreed to – Audacy already needs a $57 million loan to hold it over just until the court and FCC approve the bankruptcy – details.

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• David Field, his father, Weezie Kramer and Joel Hollander are on the board of the sunsetting company – what the lenders-turned owners are going to do that will totally shake up Audacy.
• What happens to Audacy stock worth 20 cents before Sunday’s bankruptcy filing.
• Why are they “judge shopping” – Audacy filed for bankruptcy in Texas (they’re headquartered in Philly).
• Field is talking “business as usual” as if he’s going to remain as CEO – what he’s not saying (at least publicly).
• If this bankruptcy gets approved it wipes out almost all of Audacy’s debt -- will that be enough?
• Audacy is talking like a pre-packaged bankruptcy is a slam-dunk – what could go wrong.

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• Is Dan even interested? I asked him.
• What position makes the most sense for the person who once cleaned up after Joel Hollander previously at CBS Radio.
• What about Hollander (current Audacy Lead Independent Director), is he out with the new owners or does he get a second chance.
• And a third executive who may take a run at David Field’s job as CEO.
• The lenders become the new owners within weeks – usually (as per the Cumulus bankruptcy) they replace the board and start selling off assets – will the new Audacy follow that plan.
• Attention Audacy: Here’s what Mason would likely do to turn the company around.

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• The Audacy bankruptcy is a done deal – a preview.
• The lenders get the company but does CEO David Field get to keep his job after that hot mess – details.
• How the new company will somehow emerge with half its debt gone – why couldn’t Field do this?
• The final decision on laying off more people under new ownership.
• Survivors will get this take it or leave it offer.
• The good news is that the implosion of Entercom/CBS/Audacy finally ends in the very near future – the bad news is …

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