A report from Sara Fischer of Axios claims Audacy has hired bankers to explore a sale of Cadence13, one of its two podcast studios.
The company faces potential delisting by the New York Stock Exchange if its price remains at under $1 per share. The NYSE gave Audacy notice that it had six months to increase its price or face the delisting. Shares closed Friday at an all-time low of 39 cents.
Audacy purchased a stake in Cadence13, then called DGital Media, in 2017. It then purchased the remaining shares of the company in 2019, placing its valuation at approaching $50 million.
Fischer reporters Audacy would seek to sell Cadence13 at nearly double that $50 million valuation.
Cadence13 has recently launched several new podcasts, including shows by Stephen A. Smith and former NASCAR driver Dale Earnhardt Jr.’s Dirty Mo Media.
In addition to Cadence13, Audacy also owns two other podcast studios, 2400Sports and Pineapple Street Studios.
An Audacy spokesperson told Axios “we don’t comment on rumors of this nature”.
