Audacy filed for bankruptcy Sunday, succumbing to a steep decline in radio advertising.

The Philadelphia-based broadcaster filed a chapter 11 petition in the U.S. Bankruptcy Court for the Southern District of Texas after having reached an agreement with a majority of its creditors to hand over control of the business. As part of the deal, Audacy would reduce its nearly $2 billion debt load by roughly $1.6 billion, leaving $350 million of debt outstanding following the reorganization, according to a company statement.