Entercom, one of the largest traditional radio companies in the US, has acquired two highly notable podcast companies: Pineapple Street Media, the Brooklyn-based independent podcast studio, and Cadence13, the Manhattan-based podcast network led by a group of Westwood One veterans.
Two things to note off the bat: First, the exact purchase sums for the two companies were not officially disclosed. The Wall Street Journal put out a story earlier this morning stating $18 million for Pineapple Street and nearly $50 million for Cadence13, citing “a person familiar with the matter.” I’m hearing those figures are not exactly right, but within the ballpark. And second, I hear that Pineapple Street Media had generated significant acquisition interest over the past few months, and received multiple offers prior to accepting the Entercom deal.
The Cadence13 acquisition shouldn’t be that surprising, given that Entercom already paid $9.7 million for a 45 percent investment and…
