Entercom Acquires Podcast Influencers Marketplace Podcorn For $14.6M Cash

Audio content creator Entercom Communications Corp (NYSE: ETM) announced the acquisition of Podcorn, the largest marketplace for brand discovery and partnership for the creation of native advertising and branded content at scale.

• The transaction valued Podcorn at $22.5 million with an upfront cash payment of $14.6 million and a performance-based earnout over the next three years.
• Podcorn's marketplace included nearly 40,000 creators and has facilitated thousands of podcast ad campaigns.
• Podcorn infrastructure enabled direct podcaster and advertiser relationships leading to the most relevant matches for scaling up native branded content, driving higher ROI for brands, and enhancing content monetization by the podcast creators.
• Podcorn was founded by Agnes Kozera and David Kierzkowski following the successful acquisition of their previous company FameBit by Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google. FameBit was the leading marketplace for video influencers where brands and YouTube stars collaborated for branded content. Kozera and Kierzkowski would continue to lead Podcorn, joining Entercom's leadership team.
• Podcorn's marketplace of niche creators is expected to complement Entercom's existing critically-acclaimed roster of the largest and most influential podcasts while helping in the identification of talented new creators.
• There are over 2.5 million podcasts, with 60% created in the past two years.
• Entercom's cash and cash equivalents amounted to $31 million as of December 31, 2020.
• Price action: ETM shares are up 7.94% at $5.89 on the last check Wednesday.