Facing a decline in revenue and owing $2 billion in debt, the Audacy radio company looks to restructure its balance sheet. An Audacy spokesperson had no comment when contacted by Billboard.

Audacy, formerly named Entercom, is saddled by $2 billion in debt acquired primarily from its 2017 merger with CBS Radio. That deal expanded Audacy’s revenue but also increased its debt nearly fourfold from $468 million at the end of 2016 to $1.86 billion at the end of 2017. 

The Philadelphia-based company’s portfolio of about 230 radio stations includes WCBS in New York, KROQ in Los Angeles, WFAN Sports Radio in New York and WBBM Newsradio in Chicago. Audacy’s podcasting brands include two studios, Cadence13 and Pineapple Street Studios, and Popcorn, an online marketplace for connecting creators and brands.