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Entercom -41% after Q2 miss, podcast deals

Aug. 07, 2019 10:57 AM ETAudacy, Inc. (AUDAQ) StockBy: Jason Aycock, SA News Editor25 Comments
  • 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

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