As the first quarter of 2021 neared its conclusion, the audio media company that for more than 50 years was known as Entercom changed its name, and that of the Radio.com platform it acquired via its CBS Radio merger and largely rebuilt.
Now Audacy, the Philadelphia-based company led by David Field is seeking to build on its momentum as a podcast and streaming audio leader. Still, its chief revenue driver is Radio. And, in its final quarter as Entercom, that reality is a punishing one. The company’s revenue missed Wall Street estimates, while its earnings per share fell short of expectations by 2 cents.