Audacy, the Philadelphia-based radio giant, has emerged from bankruptcy after the FCC approved its proposed restructuring plan and is now planning to go private, writes Nick Vadala for The Philadelphia Inquirer.

“We are pleased to have successfully achieved all of our restructuring goals, emerging with an outstanding balance sheet, delivering industry-leading growth, serving our listeners and advertisers with excellence and honoring our commitments to employees and partners,” said Audacy CEO and president David Field.

Field will remain at the helm of the post-bankruptcy version of Audacy, along with the company’s existing management team.

The company, which shed around $1.6 billion worth of debt in the bankruptcy process, now expects to move from a public company to a private one.

Audacy’s new owners include one with connections to billionaire philanthropist and major Democratic donor George Soros, which angered conservative pundits during the restructuring process, who accused FCC of giving the company “specialized treatment.” While some aspects of the FCC’s decision are still being reviewed, Audacy said it is now focusing on the future.

“Today, Audacy embarks on our next chapter,” said Field. “We are maximizing a broad set of opportunities to further accelerate our growth for the benefit of Audacy and all of its stakeholders.”

Read more about Audacy and its emergence from bankruptcy in The Philadelphia Inquirer.

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