In addition to the investment (the amount was not disclosed), Entercom says it will provide DGital with “significant annual marketing and promotional support” across its radio platform, which at the moment includes 126 radio stations in 28 markets. DGital Media was launched in May of 2015 by former DialGlobal/Westwood One co-CEOs Spencer Brown and David Landau. There will be no management changes at DGital.
Entercom and DGital Media entered into a multi-year services agreement under which DGital Media will dedicate resources to create original on-demand audio content leveraging 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 exclusive third-party ad sales representative for all of its podcasts and other on-demand audio.
In a joint press release, DGital CEO Spencer Brown said, “We see Entercom as the perfect catalyst for the next phase of our growth. 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.”
Entercom CEO David Field said, “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. 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. DGital Media has an impressive track record of developing and producing podcasts and growing audiences for their content partners. This partnership will strategically enhance our ability to deliver compelling audio to the public, wherever and whenever they please.”
Richard Foreman Associates acted as a financial adviser to DGital Media for this transaction.
