He Bet Big on Radio’s Future. It Crushed His Family’s Fortune
- Field family gambled, lost on $1.5 billion CBS Radio merger
- Young listeners and sponsors bailing on struggling industry
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Audacy Inc. Chief Executive Officer David Field made a big bet when his Philadelphia-based company purchased CBS Radio for about $1.5 billion in 2017.
The deal tripled the size of the business started by his father in 1968, making Audacy the second-largest radio-station operator in the US by revenue. In a memo to staff at the time, Field promised big investment in capabilities and people.