Audacy has ended its auction for the Radio.com domain name without finding a buyer, The Desk has learned.
The auction was launched last December with an initial bid of $2.5 million, and was operated by domain registrar GoDaddy on behalf of the radio broadcaster.
The company acquired the Radio.com domain name through its purchase of CBS Radio in November 2017. More than 1,000 individuals and organizations had expressed interest in the Radio.com domain name, but no one submitted a minimum bid necessary to move the auction forward.
Audacy is expected to continue operating the Radio.com domain for some of its streaming products, including its web-based app that offers online access to its traditional AM and FM radio stations.
Audacy has explored the sale of various physical and digital assets over the last few months in an attempt to drum up cash as its business continues to suffer due to various macroeconomic challenges, including a weaker ad market that has impacted its traditional source of revenue.
Last month, Audacy’s stock was removed from trading at the New York Stock Exchange after it went several consecutive months without meeting the $1 per share threshold imposed by the exchange. The company says it is in the process of appealing that decision.
“We are hopeful we will find our way back to the exchange later this year as we execute our action plans which include the reverse stock split, the continued execution of our liability management plans and working with our financial advisors to refinance our debt,” David Field, Audacy’s CEO, wrote in a memo. “If the appeal is ultimately unsuccessful, we may move our stock to another exchange or trading platform.”
