WFAN parent Audacy has filed for bankruptcy protection amid a slump in advertising revenue. 

The Philadelphia-based company, which oversees major podcast and radio operations and has acquired CBS Radio, said it has filed a Chapter 11 petition in the US Bankruptcy Court for the Southern District of Texas after a restructuring agreement with a majority of its debtholders.

The agreement will see the company cut roughly 80% of its nearly $2 billion in debt.

Audacy said it expects the restructuring will better position the company for long-term growth and doesn’t expect it will impact operations, trade, or other unsecured creditors. 

Audacy Chairman, President and CEO David J. Field said the company has faced a tough environment in recent years amid a sharp reduction of “several billion dollars in cumulative radio ad spending.” 

“With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well-positioned to continue its innovation and growth in the dynamic audio business,” Field said. 

Under the agreement announced Sunday, debtholders will receive equity in the company. 

The Court is expected to hold a hearing to consider the plan’s approval in February.