Audacy takes $10 million hit to leave ‘onerous’ podcasting deal with APM
Illustration by Kristen Radtke / The Verge; Getty Images This story originally ran in Hot Pod Insider, a newsletter
American Public Media and Audacy's Cadence13 will exit a multiyear advertising partnership at the end of August — roughly a year before its intended end date, Hot Pod has learned from APM. Neither company has disclosed the exact reasons for the contract's termination or its timing, though APM cited “changing market dynamics” and Audacy referred to the deal as “onerous.” The public radio broadcaster will take ad sales and brand partnerships for its podcasts in-house as a result.
“Given the changing market dynamics, APMG, Audacy and Cadence13 have mutually decided to end their partnership, effective August 31st,…