Audacy Announces Acquisition Of WideOrbit Digital Audio Streaming Technology And Operations

Rhea-AI Summary

Audacy, Inc. (NYSE: AUD) has acquired a perpetual license for WideOrbit's digital audio streaming technology along with the assets of WO Streaming. This acquisition aims to enhance Audacy's digital platform for its 170 million monthly listeners, allowing for improved streaming features. The transaction consolidates Audacy's control over its product development, with the WO Streaming team now operating under the name AmperWave. The initiative is expected to strengthen Audacy's market position in audio streaming.

Positive

• Acquisition of WideOrbit's technology enhances Audacy's streaming capabilities.
• Consolidation of operations under AmperWave may lead to improved product offerings.
• Expected synergies with existing investments in digital audio.

Negative

• None.

PHILADELPHIA, Oct. 20, 2021 /PRNewswire/ -- Audacy, Inc. (NYSE: AUD) today announced the acquisition of an exclusive, perpetual license to WideOrbit's digital audio streaming technology and the related assets and operations of WO Streaming. This acquisition gives Audacy control of its product roadmap to deliver enhanced consumer-facing streaming features for its 170 million monthly listeners.

"The WideOrbit digital audio tech business perfectly complements our organic investments to make Audacy's digital platform the top choice for listeners, clients and partners," said David Field, Chairman, President and Chief Executive Officer, Audacy.

Audacy will operate WO Streaming under the name AmperWave. The entire WO Streaming team, led by John Morris, SVP Streaming, has joined Audacy.

WO Streaming, now AmperWave, is a leading cloud-based distribution and monetization platform for live and on-demand audio streams.

CONTACTS:
Ashok Sinha
Audacy
917-656-5800
Ashok.Sinha@Audacy.com

Meredith Tiger
Audacy
516-551-8511
Meredith.Tiger@Audacy.com

David Heim
Audacy
908-472-3927
David.Heim@Audacy.com

About Audacy
Audacy, Inc. (NYSE: AUD) is a scaled, multi-platform audio content and entertainment company with the country's best radio broadcasting group, a leader in virtually every segment of audio, and America's #1 creator of original, premium audio.  Audacy engages over 170 million consumers each month, bringing people together around the news, sports, podcasts and music that matter to them. Learn more at www.audacyinc.com, Facebook (Audacy Corp) and Twitter (@AudacyCorp).

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SOURCE Audacy

FAQ

What is the significance of Audacy's acquisition of WideOrbit's technology?

The acquisition allows Audacy to enhance its digital streaming capabilities, aiming for a better user experience for its 170 million listeners.

How will the acquisition impact Audacy's product roadmap?

Audacy will gain more control over its product development, enabling the delivery of improved streaming features.

What is the new name for WO Streaming after its acquisition by Audacy?

WO Streaming will operate under the name AmperWave.

When was the acquisition of WideOrbit by Audacy announced?

The acquisition was announced on October 20, 2021.