By Eva Rothenberg and Ramishah Maruf, CNN New York (CNN) — Audacy, the struggling multi-platform audio content company, is filing for Chapter 11 bankruptcy, the company announced Sunday. The internet radio conglomerate — among the biggest radio companies in the country — was saddled with substantial debt and faced slowed-down advertising revenue. Audacy said it is entering into a restructuring agreement to reduce its debt from about $1.9 billion to $350 million. “While our transformation has enhanced our competitive position, the perfect storm of sustained macroeconomic challenges over the past four years facing the traditional advertising market has led to a sharp reduction of severa
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