Audacy, Inc. announced that on December 6, 2022, the Board of Directors of the Company, decreased the number of directors that shall constitute the full Board from ten members to nine members, thereby eliminating the vacancy on the Board resulting from the departure of David Levy (a Class A director) in October 2022. In accordance with the Company's bylaws, Mark R. LaNeve (a Class A director) appointed Monique L. Nelson as a Class A director to fill the Class A director vacancy resulting from Mr. Levy's departure. In addition, pursuant to Pennsylvania corporate law, the Board reclassified Mr. LaNeve from a Class II director to a Class I director (with a term expiring in 2024), in order to keep the number of directors in each of the three director classes as nearly equal as possible.

Louise C. Kramer and Susan K. Neely will continue to serve as Class I directors, with terms expiring in 2024. Sean R. Creamer, Joel Hollander and Ms. Nelson will continue to serve as Class II directors, with terms expiring in 2025, and Joseph M. Field, David J. Field and David J. Berkman will serve as Class III directors with terms expiring in 2023, in each case until their respective successors are elected and qualified. There were no changes to Mr. LaNeve's or Ms. Nelson's committee assignments or compensation as nonemployee directors as a result of their reclassifications to Class I and Class A directors, respectively.