Audacy has agreed to pay Lower Merion Township $2 million in a settlement over unpaid taxes during the time the broadcaster was based in Bala Cynwyd, writes Nick Vadala for The Philadelphia Inquirer.
The settlement comes as Audacy, formerly known as Entercom, continues to work through bankruptcy proceedings, which started in January. Lower Merion was named as one of the unsecured creditors in the proceedings. The township contended in filings that the company owed it nearly $12 million in unpaid taxes from a period of several years while doing business there. Audacy moved from Bala Cynwyd to Philadelphia five years ago.
Two branches of the larger Entercom Communications parent company, as Lower Merion alleged, owed the township $4 million in local taxes and $7.7 million in business taxes. Meanwhile, Audacy claimed that its subsidiaries “did not have a physical presence or employees in the Township,” and that its bank accounts were not housed there.
As part of the settlement, Lower Merion and Audacy agreed to “dismiss all actions” in relation to the tax assessments.
The agreement was made “without any admission or concession of liability by either party,” according to the settlement.
Read more about the Lower Merion Township settlement with Audacy in The Philadelphia Inquirer.
