Scoop: Audacy hires bankers to explore sale of podcast studio Cadence13
The company has hired Evolution Media Capital, a boutique investment firm that focuses on deals in sports, media and entertainment, to help shop the deal.While some partners have expressed interest in buying both Cadence13 and Pineapple Street Studios together, sources say Audacy has no plans to sell its other podcast assets."We don't comment on rumors of this nature," said an Audacy spokesperson in response to a request for comment about the sale process.
"We remain absolutely committed to the growth of our podcasting business, as demonstrated by the investments we've made in our studios, content and talent."Audacy, then Entercom, paid $9.7 million for a 45% stake in Cadence13 in 2017. The company, which was then called DGital Media,In 2019, Entercom bought the remaining 55% stake in Cadence13 in a deal reportedlyToday, the company is hoping to sell the studio for at least double its value in that 2019 deal.
Audacy CEO David Field noted on the company's last earnings call that Audacy's podcast growth is being driven by podcasts adjacent to its local sports and news radio networks, and he highlighted the success of the company's own in-house sports podcast studio,
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