Audacy Announces Acquisition Of WideOrbit Digital Audio Streaming Technology And Operations
Audacy, Inc. (NYSE: AUD) has acquired a perpetual license for WideOrbit's digital audio streaming technology along with the assets of WO Streaming.
Sentiment and the balance of points
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Rhea-AI Summary
Audacy, Inc. (NYSE: AUD) has acquired a perpetual license for WideOrbit's digital audio streaming technology along with the assets of WO Streaming. This acquisition aims to enhance Audacy's digital platform for its 170 million monthly listeners, allowing for improved streaming features. The transaction consolidates Audacy's control over its product development, with the WO Streaming team now operating under the name AmperWave. The initiative is expected to strengthen Audacy's market position in audio streaming.
Positive
- Acquisition of WideOrbit's technology enhances Audacy's streaming capabilities.
- Consolidation of operations under AmperWave may lead to improved product offerings.
- Expected synergies with existing investments in digital audio.
Negative
- None.
Details
News Market Reaction – AUD
The recorded move for AUD in the trading session of this news was +2.92%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PHILADELPHIA, Oct. 20, 2021 /PRNewswire/ -- Audacy, Inc. (NYSE: AUD) today announced the acquisition of an exclusive, perpetual license to WideOrbit's digital audio streaming technology and the related assets and operations of WO Streaming. This acquisition gives Audacy control of its product roadmap to deliver enhanced consumer-facing streaming features for its 170 million monthly listeners.
"The WideOrbit digital audio tech business perfectly complements our organic investments to make Audacy's digital platform the top choice for listeners, clients and partners," said David Field, Chairman, President and Chief Executive Officer, Audacy.
Audacy will operate WO Streaming under the name AmperWave. The entire WO Streaming team, led by John Morris, SVP Streaming, has joined Audacy.
WO Streaming, now AmperWave, is a leading cloud-based distribution and monetization platform for live and on-demand audio streams.
CONTACTS:
Ashok Sinha
Audacy
917-656-5800
Ashok.Sinha@Audacy.com
Meredith Tiger
Audacy
516-551-8511
Meredith.Tiger@Audacy.com
David Heim
Audacy
908-472-3927
David.Heim@Audacy.com
About Audacy
Audacy, Inc. (NYSE: AUD) is a scaled, multi-platform audio content and entertainment company with the country's best radio broadcasting group, a leader in virtually every segment of audio, and America's #1 creator of original, premium audio. Audacy engages over 170 million consumers each month, bringing people together around the news, sports, podcasts and music that matter to them. Learn more at www.audacyinc.com, Facebook (Audacy Corp) and Twitter (@AudacyCorp).
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SOURCE Audacy
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