Entercom CEO David Field said early reports of what Entercom paid for Cadence13 and Pineapple Media were erroneous. When the news first broke back in August, The Wall Street Journal and other news outlets reported that Entercom paid $18 million for Pineapple Media and $50 million for Cadence13. Field says that’s not even close.
On his Q3 earnings call Friday, he set the record straight. Field told investors and analysts Entercom paid a total of $34 million in cash for Cadence13 and $14 million in cash for Pineapple Media, for a total of $48 million for both companies, well below the $68 million predicted by others two months ago.
Field said they purchased both companies at 1X their projected 2019 revenues. In other words, Entercom got a great deal, especially with the power of their radio station portfolio and Radio.com to promote their podcasts.