On the same day it presented Q2 2019 results many on Wall Street found disappointing, Entercom Communications shared that it had acquired Brooklyn, N.Y.-based podcast producer Pineapple Street and the outstanding shares of a podcast creator and distributor it has had a 45% stake in since August 2017, when it was known as DGital Media.
That latter transaction has just closed.
As such, Cadence13 is now wholly owned by Entercom, at a cost of $50 million.
The equity deal involved a broker who represented DGital Media/Cadence 13 in the transaction: Richard A. Foreman Associates, a.k.a. RAFAMEDIA.
The additions of Cadence 13 and Pineapple Street give Entercom a strong position in the ever-growing podcast space — something Entercom President/CEO David Field cheered on Twitter on August 7.
Chief Digital Officer J.D. Crowley will oversee Entercom’s new podcasting business.
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