Entercom Communications Corp. is buying two podcast companies to create a podcast division under Radio.com.
The company has acquired Pineapple Street Media, an independent producer of podcast content, and has struck a deal to buy the rest of podcast creator and distributor Cadence13 that it currently does not own, the company said Aug. 7. Entercom acquired a 45% stake in Cadence13 in 2017.
As part of the acquisitions, Pineapple Street Media will become Pineapple Street Studios, a division of Radio.com. Pineapple Street co-founders, Jenna Weiss-Berman and Max Linsky, will join the new organization as co-heads of this division.
Additionally, Cadence13 will become a wholly owned subsidiary of Entercom, called Cadence13, a division of Radio.com. Cadence13 CEO Spencer Brown will head the division. Chris Corcoran, chief content officer of Cadence13, will continue to lead content for the division, and John Murphy, president of Cadence13, will also be part of the leadership team.
According to a separate news release, Entercom bought Pineapple Street Media for $18 million. Meanwhile, a report by The Wall Street Journal cited a source to indicate that the Cadence13 deal values the company at nearly $50 million.
Telos Advisors served as exclusive financial adviser to Pineapple Street Media in this transaction.