Audacy layoffs, on the record
Every job cut, severance charge and restructuring Audacy reported in its annual reports, 2021 to 2023, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | 3,586 full-time employees and 1,296 part-time employees | January 31, 2022 |
| 10-K for 2022 | 3,539 full-time employees and 1,430 part-time employees | December 31, 2022 |
| 10-K for 2023 | 3,530 full-time employees and 1,340 part-time employees | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryRecorded restructuring charges in 2021, primarily workforce reduction charges, in response to the COVID-19 pandemic.
Word for word“In connection with the COVID-19 pandemic and the Merger, we incurred restructuring charges, including workforce reductions and other restructuring costs of $5.7 million, $12.0 million, and $7.0 million during the years ended December 31, 2021, 2020, and 2019, respectively.” 10-K for 2021
Our summaryRecorded workforce reduction charges within restructuring charges for 2021, 2020 and 2019 under a table of restructuring components.
Word for word“Workforce reduction $ 5,521 $ 11,885 $ 6,171 Other restructuring costs 150 96 805 Total restructuring charges $ 5,671 $ 11,981 $ 6,976 Restructuring Plan During the first quarter of 2020, the Company initiated a restructuring plan to help mitigate the adverse impact that the COVID-19 pandemic is having on financial results and business operations.” 10-K for 2021
Our summaryInitiated a restructuring plan in the first quarter of 2020 to mitigate the adverse impact of the COVID-19 pandemic, which continued into 2021.
Word for word“During the first quarter of 2020, the Company initiated a restructuring plan to help mitigate the adverse impact that the COVID-19 pandemic is having on financial results and business operations.” 10-K for 2021
Our summaryCarried a restructuring plan initiated in the fourth quarter of 2017 after integrating CBS Radio stations, which included a workforce reduction with one-time termination benefits.
Word for word“During the fourth quarter of 2017, the Company initiated a restructuring plan as a result of the integration of radio stations acquired from CBS Radio Inc. ("CBS Radio") in November 2017.” 10-K for 2021
Our summaryCompany initiated a restructuring plan in the third quarter of 2022 to mitigate macroeconomic impacts, primarily including workforce reduction charges.
Word for word“During the third quarter of 2022, the Company initiated a restructuring plan to help mitigate the adverse impact that the current macroeconomic conditions are having on financial results and business operations.” 10-K for 2022
Our summaryCompany recorded workforce reduction charges as part of restructuring, including one-time termination benefits.
Word for word“The restructuring plans primarily included workforce reduction charges that included one-time termination benefits and related costs to mitigate the adverse impacts of the COVID-19 pandemic and current macroeconomic conditions.” 10-K for 2022
Our summaryThe company started a 2023 restructuring plan to offset weak economic conditions, mainly through workforce reductions with one-time termination benefits and exiting duplicative and loss-making contracts.
Word for word“During the first quarter of 2023, the Company initiated a restructuring plan (the "2023 Plan") to help mitigate the adverse impact that the current macroeconomic conditions are having on financial results and business operations.” 10-K for 2023
Our summaryThe company recorded restructuring charges in 2023 and 2022 that included workforce reduction expenses and termination charges for loss-making contracts.
Word for word“These charges included expenses related to workforce reductions as well as termination charges associated with loss-making contracts.” 10-K for 2023
Our summaryThe company started a 2022 restructuring plan to offset weak economic conditions.
Word for word“During the third quarter of 2022, the Company initiated a restructuring plan (the "2022 Plan") to help mitigate the adverse impact that the current macroeconomic conditions are having on financial results and business operations.” 10-K for 2023
| Fiscal year ended | Severance costs | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|---|
| 2016-12-31 | $0 | $0 | — | −$1 million |
| 2017-12-31 | $10.4 million | $16.9 million | — | −$664,000 |
| 2018-12-31 | $3.6 million | $5.8 million | $5.8 million | $14.8 million |
| 2019-12-31 | $6.2 million | $7 million | $7 million | $9.8 million |
| 2020-12-31 | — | $12 million | $12 million | $13.2 million |
| 2021-12-31 | — | $5.7 million | $5.7 million | $6 million |
| 2022-12-31 | — | $10 million | $10 million | $9.9 million |
| 2023-12-31 | — | $15 million | $15 million | $15.1 million |
Audacy filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Audacy’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-03-22. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.