The settlement comes amid Audacy’s ongoing Chapter 11 bankruptcy proceedings.
when it did business in the township. Formerly known as Entercom, Audacy left Bala Cynwyd for Philadelphia in 2019.Lower Merion primarily pointed to the time period between 2012 and 2016, alleging that two branches of the larger Entercom Communications parent company — Entercom Radio and Entercom Incorporated — owed $4 million in local taxes and $7.7 million in business taxes, including interest.
The township, court documents indicate, had issued audit assessments against Entercom in 2018 and 2019, instigating a similar case in theCourt of Common Pleas. But as part of the settlement reached last week, both parties agreed to “dismiss any and all actions against each other relating to tax assessments,” and made “no admission or concession of liability.”
Audacy declined to comment. An attorney for Lower Merion said they were not authorized to discuss the case. Audacy’s January bankruptcy filing came as the company grappled with almost $2 billion in debt during a substantial advertising slump. A reorganization plan was approved in February, with an investment fund owned by progressive philanthropist George Soros set to become its largest shareholder. Soros’ fund acquired roughly $415 million of Audacy’s debt, court filings indicate. That development, as Soros is known to support progressive causes and back Democratic candidates.
Final approval by the Federal Communications Commission is expected to take months. If approved, Audacy would emerge from bankruptcy reportedly shedding more than $1.6 billion in debt.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Central Bucks hires Lower Merion superintendent Steven Yanni at $275,000 salaryYanni’s salary is less than the $290,000 he’s making in Lower Merion, one of Pennsylvania’s highest-spending school districts, where Yanni has worked for less than a year.
Baca lebih lajut »
Planetary Health Diet associated with lower risk of premature death, lower environmental impactPeople who eat a healthy, sustainable diet may substantially lower their risk of premature death in addition to their environmental impact, according to a new study. This large study directly evaluates the impacts of adherence to recommendations in the landmark 2019 EAT-Lancet report.
Baca lebih lajut »
Suspect identified in shooting at American Legion Post in Ardmore on Memorial Day: policeLower Merion Police are looking for 35-year-old Andrew McCutchen of Philadelphia for attempted homicide. FOX 29's Shawnette Wilson has the story.
Baca lebih lajut »
Bitcoin needs ‘3.3% or lower’ CPI print to reach new ATHIf the United States CPI results meet expectations next month, Bitcoin could be heading for a new all-time high, according to a cryptocurrency analyst.
Baca lebih lajut »
Europe stocks set for another lower open as global sentiment sours ahead of inflation dataEuropean markets are heading for a lower open Thursday, extending the week’s losses amid rising global bond yields.
Baca lebih lajut »
Silver Price Forecast: XAG/USD trades lower around $31.50, US economic data awaitedSilver prices extended its losses for the second successive day, trading around $31.40 per troy ounce during the Asian hours on Thursday.
Baca lebih lajut »