Audacy has acquired “an exclusive, perpetual license” to WideOrbit’s digital audio streaming technology and the related assets and operations of WO Streaming — a cloud-based distribution and monetization platform for live and on-demand audio streams.
The acquisition, recently hinted at by Audacy, Inc. thanks to an SEC fiing, gives the company formerly known as Entercom control of the WideOrbit digital audio tech business.
President/CEO David Field says it “perfectly complements” Audacy’s organic investments to make the company’s digital platform a top choice for listeners, clients and partners.
Audacy will operate WO Streaming under the name “AmperWave.”
Importantly, the entire WO Streaming team, led by John Morris, SVP of Streaming, has joined Audacy.
While terms of the transaction were not disclosed, the WO Streaming deal is directly tied to Audacy’s October 13 statement that it planned to offer $45 million in aggregate principal amount of subsidiary Audacy Capital Corp.’s 6.500% senior secured second-lien notes due 2027.
The “Additional Notes” served as what’s called on Wall Street an “ad-on offering,” and it was done expressly for Audacy to complete “a small digital acquisition” for approximately $40 million.
That would be the price tag of this WideOrbit deal.
In addition to its radio and digital audio products, WideOrbit is highly active in the broadcast and cable television space, in addition to programmatic TV buying. Led by CEO and founder Eric Mathewson, WideOrbit is now poised to focused solely on visual media.
