It was a topic of conversation that permeated industrywide conversations pertaining to the company’s post-bankruptcy plan across 2024. Now, as the first month of 2025 nears its close, it is official: David Field, son of company founder Joseph Field, has relinquished control of Audacy Inc. and has stepped down as President/CEO. He will also no longer serve as a member of the Board of Directors. However, Field will continue to serve in a new position as Special Advisor to the CEO and the Board.
An announcement was shared by Audacy just before 9am Eastern on Wednesday (1/29). For now, Audacy Board of Directors member Kelli Turner will serve as interim President/CEO, effective immediately.
The change in command comes two days after Audacy officially concluded its Chapter 11 bankruptcy proceedings in a Houston federal district court under the jurisdiction of Judge Christopher López. The case, which involves the “Audacy Texas LLC” group of stations under Audacy Inc., was left open so the court could address final administrative issues; Audacy filed a motion in December 2024 to close the case.
As first reported by Streamline Publishing’s Radio Ink, the decree outlines the remaining administrative responsibilities for Audacy. This includes the filing of a final post-confirmation quarterly report and settling outstanding quarterly fees as required by law.
Epiq Corporate Restructuring LLC is handling claims and noticing and is serving as solicitation agent for the case.
FIELD’S ‘INDELIBLE MARK’ ON RADIO
In prepared comments, Audacy Board Chairman Michael Del Nin said David Field “has left an indelible mark on the industry.” Intriguingly, Del Nin shared how Field grew Audacy “from a few small radio stations into a scaled multi-platform audio content and entertainment powerhouse.”
As Entercom, the company was already one of the nation’s largest.
Continuing his comments, Del Nin said David Field “has built a great company with leading positions across the country’s largest markets and an outstanding portfolio of exclusive, premium audio content. Under David’s dedicated leadership, Audacy has been positioned for long-term success, and we look forward to working with Kelli and the entire team as the company begins its next exciting chapter.”
Field shared his final thoughts as Audacy head.
“Since I joined Audacy, then Entercom, we have grown from $10 million in revenues with ten niche radio stations into a $1.2 billion, multi-platform audio leader with one of the country’s two scaled radio broadcast groups, one of the largest podcast networks and the unrivaled top position in sports audio,” he said. “Audacy recently completed a very successful 2024, delivering industry-leading EBITDA growth of more than 70% through the third quarter and significant revenue share gains across our radio and digital businesses. With the company in a strong competitive and financial position, now is the optimal time to pass the baton to new leadership. I am deeply proud of our extraordinary team and everything we have accomplished for our listeners, customers, partners, and communities. The company is in great hands, and I look forward to seeing the next chapter of Audacy’s success.”
WHO IS KELLI TURNER?
From October 2018 through September 2021, she served as President and Chief Operating Officer of SESAC, the music rights organization, rising from EVP/Operations and Corporate Development and the role of Chief Financial Officer. Turner was in that prior role from July 2014.
Since March 2021, Turner has been a board member at digital advertising entity DoubleVerify and as a board member for Downtown Music Holdings.
Past roles include serving as an investor relations VP for Time Warner (from 2004-2006) and, later, as its SVP of Operations, from 2007-2009.
Turner is a University of Michigan Law School graduate, and takes a post that has involved the Field family since Audacy was created as Entercom by Joseph Field in 1967.
The father of David Field acquired a taste for radio when, as an attorney, he helped engineer a deal for a client that gave it ownership of WPEN-AM 950 and WPEN-FM 102.9 (today WMGK) in Philadelphia. Looking at the future of FM radio and the valuation differential between kHz-band and MHz-band stations, he founded Entercom in October 1968 by acquiring FM stations in San Francisco, Houston and Minneapolis. As Chairman/CEO, Joseph Field helped Entercom become one of the nation’s biggest radio broadcasting companies, taking it public in 1999.
In 2002, David Field succeeded his father as CEO. He further grew Entercom, and engineered the Reverse Morris Trust-fueled tax-free merger with CBS Radio — a deal that would eventually lead to a voluntary Chapter 11 reorganization one year ago that put the company that had changed its name to Audacy in private ownership. This led to speculation that David Field could be replaced. Yet, as Audacy went private with a George Soros-affiliated fund as its main equity interest holder, no change was seen.
Now, after nearly 58 years, the Field family is no longer in the top leadership position of the company it created. And, it could isolate the founding family from a potential revisit of the Rosenworcel Commission’s 3-2 party-line decision to temporarily waive ownership limits in a move that some argued “fast-tracked” the Commission’s approval of Audacy’s post-bankruptcy restructuring.
Audacy in early January 2025 withdrew its petition submitted in October 2024 seeking foreign ownership limit waiver approval on the grounds that equity changes that transpired following that filing render it moot.
— With additional reporting by Cameron Coats, in New York
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