Report: Audacy and APM End Podcast Deal a Year Early
According to a report by Amrita Khalid in The Verge, Audacy and American Public Media have agreed to end their podcasting partnership a year early, on August 31. The deal between Audacy’s Cadence13 and APM was
inked in 2021 and included Cadence13 and APM developing and producing new shows and made Audacy the exclusive podcast sales rep for APM. The piece further notes that Audacy CEO David Field referenced the deal during his Q2 2023 earnings commentary saying, “In June, we successfully negotiated an early exit to an onerous Podcast ad representation contract, which resulted in a restructuring charge of $5.9 million in the quarter and the accelerated recognition of $4.5 million of prepaid content expense. We believe exiting this agreement will have a positive impact on our podcast margins, without materially impacting our future podcast revenue growth opportunity.” Read The Verge story here.