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Audacy reported a strong first-quarter financial performance for 2022, with net revenues rising 14% to $275.3 million and Adjusted EBITDA soaring 152% to $26 million. Core spot revenues also increased by 14% to $173.9 million, while digital revenues grew by 16% to $58 million. Operating income turned positive at $8.5 million, compared to an operating loss of $8.2 million a year prior. The company launched the Audacy Digital Audience Network targeting 60 million listeners and sealed a landmark content deal with Amazon Music.
Veritone (Nasdaq: VERI) has extended its partnership with Audacy (NYSE: ETM), enhancing its AI-powered content analysis capabilities. The collaboration enables Audacy to utilize Veritone Discovery, an AI-driven application that processes and analyzes unstructured media, offering in-depth insights into content performance. This partnership allows Audacy to visualize advertising effectiveness across 230 stations in 47 markets. Audacy's Chief Revenue Officer emphasized the value of these AI solutions in improving analytics for their clients and partners.
BetMGM has announced a multi-year partnership with Audacy, designating BetMGM as the preferred sports betting partner across Audacy's broadcast stations and digital platforms. This collaboration aims to enhance content integration and customer acquisition opportunities, utilizing Audacy's extensive reach in the sports radio and digital audio space. The deal follows Audacy's acquisition of QL Gaming Group and the launch of the BetQL Audio Network, reinforcing their commitment to sports betting engagement. BetMGM currently operates in 10 states and offers a user-friendly mobile betting experience.
Entercom Communications Corp. (NYSE: ETM) recently announced the pricing of $540 million in aggregate principal amount of 6.750% senior secured second-lien notes due 2029. The offering was increased from an initially planned $500 million. Proceeds from the offering will be utilized to redeem all 7.250% senior notes due 2024 and to pay down existing debt under its senior secured credit facility. The Notes are fully guaranteed on a senior secured second-lien basis and the offering is expected to close on March 25, 2021.
Entercom Communications Corp. (NYSE: ETM) has announced plans to offer $500 million in senior secured second-lien notes due 2029 through its subsidiary, Entercom Media Corp. The proceeds will be used to redeem existing 7.250% senior notes due 2024 and to partially repay senior credit facility debt. The offering will be made to qualified institutional buyers and will be secured by liens on the Issuer's and guarantors' assets. This press release does not constitute an offer for the notes or any other securities.
Entercom (NYSE: ETM) has announced the acquisition of Podcorn, valued at $22.5 million, with an upfront cash payment of $14.6 million and a performance-based earnout over three years. This acquisition aims to enhance Entercom's advertising offerings by connecting brands with nearly 40,000 podcast creators, addressing a gap in the podcast ad market. Podcorn's platform facilitates native advertising, enabling brands to achieve higher ROI through tailored podcast collaborations. The deal is expected to expand Entercom’s dominance in the podcasting sector, which includes Cadence13 and Pineapple Street Studios.
Entercom Communications Corp. (ETM) reported fourth-quarter financial results for 2020, revealing net revenues of $319.5 million, a 19% increase from Q3 but down 23% from Q4 2019. Digital revenues grew 23% year-over-year to $58.8 million, while event revenues plummeted 98% due to COVID-19. Operating loss stood at $204.9 million, largely due to a $247.4 million impairment charge. Adjusted EBITDA decreased to $66.5 million. The company highlighted a recent $32 million acquisition of QL Gaming Group and a partnership with Fan Duel as steps towards recovery and innovation.
Cadence13 has announced the launch of C13Features, a new scripted podcast studio aimed at producing feature-length audio stories. This initiative marks Cadence13's entry into the scripted podcasting arena, focusing on captivating narratives that offer a complete listening experience in one episode. The first three audio movies include titles such as Treat, Ghostwriter, and The Followers. Backed by Entercom (NYSE: ETM), a strategic marketing plan will leverage Entercom's extensive reach to engage an audience of 170 million consumers monthly.
Entercom (NYSE: ETM) partners with celebrity figures, including Lady A, Meghan Trainor, and Emmitt Smith, to promote Profile® by Sanford, a personalized nutrition and lifestyle coaching brand. This collaboration emphasizes tailored nutrition plans and one-on-one health coaching aimed at transforming lives. Members will enjoy exclusive perks like private virtual concerts and Q&A sessions with the stars. The partnership highlights the diverse backgrounds of the talent, reinforcing Profile's commitment to customizing health plans for various lifestyles.
Entercom (NYSE: ETM) has announced a content agreement with Locked On Podcast Network, enhancing its position as the leader in local sports radio. This marks Entercom's fourth recent strategic move in sports audio, following partnerships with FanDuel and the acquisition of the QL Gaming Group. The collaboration will allow Locked On’s podcasts to reach Entercom’s 40 million monthly users and leverage its extensive audience of nearly 30 million sports fans. This partnership is expected to foster new content development, including several co-produced shows.
