Audacy, Inc. is an American broadcasting company based in Philadelphia, Pennsylvania. Founded in 1968 as Entercom Communications Corporation, it is the second largest radio company in the United States, owning 235 radio stations across 48 media markets. In November 2017, the company merged with CBS Radio. The transaction was structured as an exchange offer whereby owners of CBS Corporation common shares (i.e., not the multiple-voting shares held by CBS Corp parent company National Amusements) at the time of the merger could elect to exchange their shares for Entercom shares corresponding to a 72% stake in the combined company. It is not clear how many CBS shareholders retained these Audacy shares, and the present-day Paramount Global has never held any ownership in the company. More information...
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