Audacy, Inc. upon the recommendation of the Board?s Nominating /Corporate Governance Committee, increased the size of the Board from eight to nine persons. The Board determined that the new directorship be in Board Class II with a term expiring at the Company?s 2025 annual meeting of shareholders or until such director?s successor is duly elected and qualified. The Board then, upon the recommendation of the Board?s Nominating /Corporate Governance Committee, elected Roger Meltzer (age 72) as a Class II director of the Company to fill the newly created vacancy.

Mr. Meltzer has substantial experience serving as a director of entities that considered potential alternatives regarding debt restructurings. The Board has formed a Special Review Committee comprised of Mr. Meltzer as the chairman and sole member. The Special Review Committee is vested with the authority to conduct or authorize reviews into any matters germane to the potential restructuring of the Company as it deems appropriate, including the authority to request any officer, employee or adviser of the Company to meet with the Special Review Committee or any advisers engaged by the Special Review Committee.