Entercom, DGital Media Announce Partnership

RADIO ONLINE | Thursday, August 3, 2017

Entercom announces an investment and strategic partnership with DGital Media, a creator of personality-based podcasts and other on-demand audio content. Under the terms of the deal, Entercom purchased a 45 percent stake in DGital Media. Also, Entercom will provide DGital Media with annual marketing and promotional support across its radio platform, including 126 stations in 28 markets.

Additionally, Entercom and DGital Media entered into a multi-year services agreement under which DGital Media will dedicate significant resources to create original on-demand audio content using Entercom's roster of local talent and relationships in the world of sports, news, politics, music, comedy and technology. DGital Media will also serve as Entercom's third-party ad sales rep for all of its podcasts and other on-demand audio.

"We are delighted to enter into this important relationship with DGital Media that enables us to partner with the premier on-demand audio content company in the U.S. and will scale our capabilities in this rapidly growing space," said Entercom President/CEO David Field. "Upon close of our CBS Radio merger, Entercom will be the clear leader in creating original audio content and we are committed to reaching our listeners in any way they wish to engage with us, whether through live over-the-air broadcasts, streaming audio, on-demand audio or in-person events and experiences."

"We see Entercom as the perfect catalyst for the next phase of our growth," added DGital Media CEO Spencer Brown. "As the leading creator of live, original audio content in sports, news, and music, Entercom offers DGital Media access to a national audio platform that will accelerate the development of our audience engagement efforts. This strategic investment helps us extend the reach of our partners and build their audiences across the audio landscape."

Richard A. Foreman Associates, Inc. acted as a financial adviser to DGital Media for the transaction.