Audacy, the publicly-traded radio and podcast company formerly known as Entercom, announced plans to file for Chapter 11 bankruptcy protection Sunday. Why it matters: Audacy is the second-largest radio broadcaster in the country, and controls some of the most popular radio stations in major markets, such as WFAN sports-talk radio in New York and KRTH in Los Angeles. Details: In filing for Chapter 11 bankruptcy proceedings, Audacy has entered into a prepackaged restructuring support agreement (RSA) with a supermajority of its debt-holders to restructure its balance sheet to alleviate its debt. Catch up quick: Entercom was created as a private radio company in 1968 and went public in 1999. It merged with CBS Radio in 2017, expanding its radio footprint to create one of the largest radio networks in the country. It has since made several acquisitions to build its podcast and sports betting businesses.