Audacy, one of the largest radio companies in the US, filed for Chapter 11 bankruptcy protection on Sunday to reduce its debt load. Through the restructuring agreement, Audacy aims to slash its total debt from around $1.9 billion to approximately $350 million, an 80% reduction. The company's CEO cited "macroeconomic challenges" like reduced radio ad spending over the past 4 years that have severely impacted Audacy's financial condition.