The radio and podcast giant that owns Bay Area radio stations KCBS, 102.1 Jams and 95.7 The Game has filed for bankruptcy.

Philadelphia-based Audacy announced it filed for Chapter 11 bankruptcy protection – often called “reorganization bankruptcy” – on Sunday, claiming $1.9 billion in debt. The company plans to slash that figure to $350 million by restructuring, according to a statement it shared. 

With some 235 stations, Audacy sits alongside iHeartRadio as one of the largest radio companies in the country. Audacy’s properties include six Bay Area radio stations. KCBS, a San Francisco news radio station, boasts over a million monthly listeners, as does Alice 97.3, which hosts the popular “Sarah and Vinnie” morning show. 95.7 The Game has been broadcasting sports content since 2011, and 102.1 Jams brands itself as a classic hip hop station. Live 105 is credited as a pioneering alt-rock station. Channel Q broadcasts LGBTQ+ news and podcasts. 

In the company’s statement, CEO David Field blamed a “perfect storm of sustained macroeconomic challenges” for Audacy’s financial woes. Radio ad revenue has dried up in recent years, he said, which has “severely impacted our financial condition.” 

“We believe Audacy will emerge well positioned to continue its innovation and growth in the dynamic audio business,” he added.

Although the filing could signal challenges for the Bay Area stations under Audacy’s ownership, it’s possible that business will continue as usual. Chapter 11 bankruptcy filings allow companies to maintain control of their businesses while they work to pay off their debts. As the San Francisco Chronicle noted, iHeartRadio filed for Chapter 11 bankruptcy in 2018 and remained financially solvent. (The Chronicle and SFGATE are both owned by Hearst but have separate newsrooms.)

“Audacy expects to operate normally during this restructuring process under its current leadership team,” the company wrote in its statement.