Audacy has hired bankers as it looks to sell Cadence13, one of its two podcast studios, three sources familiar with the process have told Axios.
Axios reports Ooffloading the studio could help alleviate some of the company's debt as it faces financial challenges.The company's share price closed at an all-time low Friday at 39 cents.
Audacy risks being delisted by the New York Stock Exchange if its share price doesn't increase in the next six months.
Audacy became one of the largest radio companies in the country after merging with CBS Radio in 2017.The company has since made several acquisitions to grow its digital business in areas like podcasts and sports betting.
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According to sources the company has hired Evolution Media Capital, a boutique investment firm that focuses on deals in sports, media and entertainment, to help shop the deal. Sources say the company has pitched the studio to most of the major audio giants.
While some partners have expressed interest in buying both Cadence13 and Pineapple Street Studios together, sources say Audacy has no plans to sell its other podcast assets.
By the numbers: Audacy, then Entercom, paid $9.7 million for a 45% stake in Cadence13 in 2017.
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