Audacy is in the midst of investigating what a sale of its Pineapple Street Studios division could look like, according to a new report from Bloomberg.
The report suggests that Audacy is shopping the division, which serves as the creative and production arm for third-party podcast clients for the company.
A potential sale would come on the heels of the brand’s co-founder, Jenna Weiss-Berman, leaving earlier this year. She exited to become the Head of Audio and Podcasts for Paper Kite Productions, the company founded and owned by comedian and actress Amy Poehler.
Weiss-Berman, who served as the Executive Vice President of Podcasts for Audacy, co-founded Pineapple Street Studios in 2016 alongside Max Linsky. Audacy purchased the company in 2019 for $18 million.
Jenna Weiss-Berman isn’t the only podcast executive to leave Audacy in recent months. Earlier this month, Audacy Chief Digital Officer and President of Podcasting and Streaming J.D. Crowley announced he was leaving the company. His exit coincided with the departure of Chief Operating Officer Susan Larkin, Chief Marketing Officer Paul Suchman, and Executive Vice President and General Counsel Andrew Sutor.
The report from Bloomberg says Pineapple Street Studios is a moneymaker for the radio brand. Estimates suggest that the podcast brand brings in more than $10 million in revenue annually.
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