Radio giant Audacy has filed for bankruptcy protection amid a slump in advertising revenue. 

The Philadelphia-based company, which oversees major podcast and radio operations and has acquired CBS Radio, said it has filed a Chapter 11 petition in the U.S. Bankruptcy Court for the Southern District of Texas after a restructuring agreement with a majority of its debtholders.

The agreement will see the company cut roughly 80% of its nearly $2 billion in debt. Audacy said it expects the restructuring will better position the company for long-term growth and doesn't expect it will impact operations, trade, or other unsecured creditors. 

Audacy Chairman, President and CEO David J. Field said the company has faced a tough environment in recent years amid a sharp reduction of "several billion dollars in cumulative radio ad spending." 

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"With our scaled leadership position, our uniquely differentiated premium audio content and a robust capital structure, we believe Audacy will emerge well-positioned to continue its innovation and growth in the dynamic audio business," Field said. 

Under the agreement announced Sunday, debtholders will receive equity in the company. 

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The Court is expected to hold a hearing to consider the plan's approval in February.