Entercom Communications Corp. bought a 45% stake in DGital Media Inc., a creator of premium, personality-based podcasts and on-demand audio content, according to an Aug. 3 news release.
Entercom also agreed to provide DGital Media with annual marketing and promotional support across its nationwide broadcast radio platform. This includes Entercom's 126 radio stations in 28 markets.
The two companies also struck a multiyear services deal pursuant to which DGital media will dedicate significant resources to create original on-demand audio content, using Entercom's roster of local talent and relationships. DGital Media also will serve as Entercom's exclusive third-party ad sales representative for all of its podcasts and on-demand audio.
Richard A. Foreman Associates Inc. acted as a financial adviser to DGital Media on the transaction.