According to information reported by The Desk, Audacy has decided to end its auction for the Radio.com domain name after failing to secure a buyer.
The auction commenced in December with an initial bid of $2.5 million and was managed by domain registrar GoDaddy on behalf of the radio broadcaster.
Following its acquisition of CBS Radio in November 2017, Audacy obtained the Radio.com domain name. Despite over 1,000 individuals and organizations expressing interest, none of them submitted the minimum bid required to advance the auction.
Nevertheless, Audacy plans to continue utilizing the Radio.com domain for certain streaming products, including its web-based app that grants online access to its traditional AM and FM radio stations.
In recent months, Audacy has explored the sale of both physical and digital assets as it seeks to generate funds amid ongoing challenges in the macroeconomic landscape. These challenges include a weaker advertising market that has adversely affected its traditional revenue streams.
Last month, Audacy’s stock was delisted from the New York Stock Exchange due to consecutive months of failing to meet the exchange’s $1 per share threshold. The company has initiated an appeal process in response to this decision.
In a memo, David Field, CEO of Audacy, expressed optimism about returning to the exchange later this year. He outlined various action plans, such as a reverse stock split, continued liability management, and collaborating with financial advisors to refinance the company’s debt. However, if the appeal proves unsuccessful, Audacy may consider moving its stock to another exchange or trading platform.
