FOR THE FUTURE

On January 7^th, Audacy announced that we have entered into a restructuring support agreement (the “RSA” or the “Agreement”) with a supermajority of our debtholders on the terms of a comprehensive restructuring that will significantly deleverage our balance sheet and further position Audacy for long-term growth.

To implement the deleveraging transaction contemplated in the RSA, Audacy, Inc. and forty-seven (47) subsidiaries (collectively, the “Debtors”) commenced prepackaged Chapter 11 proceedings under the United States Bankruptcy Code in the Southern District of Texas (the “Court”.)

On January 8^th, Audacy received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas for all first day motions related to its Chapter 11 filed on January 7. All of Audacy’s operations continue in the ordinary course, and Audacy intends to continue to fulfill its commitments to employees, advertisers, partners and vendors during the proceedings.

On February 20^th, Audacy announced that the Court approved our Plan of Reorganization (the “Plan”). With the Plan approved, Audacy expects to emerge from the Chapter 11 process after the Company obtains approval from the Federal Communications Commission.

Under the approved Plan, Audacy will equitize approximately $1.6 billion of funded debt, a reduction of 80% from approximately $1.9 billion to approximately $350 million. Trade and other unsecured creditors will not be impaired.

Audacy has engaged claims agent Epiq to help answer questions from our advertisers, vendors, partners, employees and other stakeholders. They have set up a website with information regarding our Chapter 11 case, including court documents, claim information and other information.