- Entercom Communications (ETM) has tanked 41% on heavy volume after its Q2 earnings, where its missed consensus on top and bottom lines and moved on two podcast-related acquisitions.
- The company bought Pineapple Street Media for $18M, and has a deal in principle to acquire Cadence 13 valuing that company about $50M, according to Dow Jones.
- Those deals are set to make Entercom one of the country's three largest podcast enterprises, the company says.
- Revenues grew 2.3% Y/Y to $380.7M and operating income rose sharply, to $64.8M from $27.6M.
- EBITDA rose 7% to $87.6M.
- As of June 30, the company has $976M of senior debt, $325M in second-lien notes and $400M in senior notes, along with $30M cash on hand.
- Press release