Audacy has announced it has acquired an exclusive, perpetual license to WideOrbit’s digital audio streaming technology and its related assets and operations of WO Streaming.
Audacy will rebrand the platform to AmperWave with the entire WO Streaming team joining the company. The backend technology will help to power the streaming backend of Audacy’s app and streaming platform.
The acquisition follows Audacy issuing $45 million in notes for “completing a small digital acquisition for approximately $40 million”.
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.
This story first appeared on radioinsight.com