Two key executives will step down from their roles at radio broadcaster Audacy this month, according to a report.
Mike Dee will resign his role as the president and CEO of Audacy’s sports division, where he oversaw the company’s push into sports betting and related programming. He joined Audacy in 2017 and will be transitioning into an advisory role with the company.
Additionally, Tim Murphy will step away from his position as Audacy’s executive vice president of corporate business development. He joined the company when it was known as Entercom nearly two decades ago; Murphy’s departure takes effect at the end of April.
The resignations were first reported last week by the industry website Radio Insight, which relied on a memo distributed by a senior Audacy executive.
Audacy has struggled to turn around its business prospects over the last few years, with the company losing 95 percent of its stock valuation over the last 12 months alone. In April 2022, one share of Audacy traded at around $3; today, the company is essentially a penny stock, with Monday’s share price hovering around 13 cents.