XML 50 R32.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Events occurring after December 31, 2022, and through the date that these consolidated financial statements were issued, were evaluated to ensure that any subsequent events that met the criteria for recognition have been included. Accounts Receivable Facility Amendment On January 27, 2023, the Company and certain of its subsidiaries entered into Amendment No. 2 to the Company’s Receivables Purchase Agreement, dated July 15, 2021, among Audacy Operations, Inc., Audacy Receivables, LLC, the investors party thereto, and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt AM Main. The Amendment, among other things, reduces the minimum liquidity the Company is required to maintain to $25 million and aligns the Company’s obligations to deliver audited annual financial statements under the Receivables Purchase Agreement to its obligations to deliver such financial statements under the existing Credit Agreement, dated October 17, 2016, among the Company, the guarantors party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A. Sale of Assets Held for Sale On March 3, 2023, the Company completed the sale of tower assets for $17.0 million. These assets were reflected as assets held for sale at December 31, 2022. The Company is expected to recognize a gain on the sale, net of commissions and other expenses, of approximately $12.0 million.