Hubbard Radio has acquired 30% of ad-supported podcast network PodcastOne as part of an equity agreement. The deal was announced by PodcastOne Chairman and CEO Norm Pattiz, and Hubbard Radio Chair and CEO Ginny Morris.
“We could not be more pleased and excited to have the chance to collaborate with Norm Pattiz and Kit Gray,” said Morris. “These great audio mavericks have a vision that we believe in, and are honored to be a part of. Great content always wins, and to make great content available at the convenience of the consumer is a natural evolution and one that our industry is beginning to embrace. It will provide additional options that expand our audience and build the value of our existing assets.”
The agreement maintains PodcastOne and parent company Courtside Entertainment Group’s independent control of all operations. However, according to a press release, the companies will “work closely on synergies in content development, cross-promotion, brand development, new technology opportunities, and local, regional and national joint marketing and advertising.”
The investment will also allow for expansion of sales and marketing resources, along with the ability to service more clients, as PodcastOne continues its growth since being founded three years ago by Gray and Pattiz.
“They say you’re judged by the company that you keep. In that case, my reputation just got a huge boost. I am so looking forward to working with Ginny and her entire team,” said Pattiz. “The accomplishments of the Hubbard family in the broadcasting, content and media worlds speak for themselves. I view this as not only a great deal for both of our companies, but more importantly, for the radio industry as a whole. Embracing all forms of audio distribution, from broadcasting to streaming and on-demand is what will drive radio as a medium, continually growing and on the cutting edge.”