Audacy announced the completion of its restructuring Monday, hours after the FCC said it had approved the proposed plan.

Radio and podcast giant Audacy has emerged from Chapter 11 bankruptcy protection following the approval of a transfer of its radio station licenses from the Federal Communications Commission (FCC). Why it matters: The firm,

Audacy will continue under the leadership of David Field as President and CEO. Field will also serve on the company’s new Board of Directors. The existing management team remains in place as the company moves forward.

The FCC, as expected, has approved of Audacy Inc.'s plan to emerge from debtor-in-possession status — a move that makes Soros Fund Management the controlling interest holder in the audio content creation and distribution company founded by the Field family.

Audacy on Monday shared that it completed its financial restructuring, successfully reducing its approximately $1.9 billion of funded debt by 80%, to $350 million.