Audacy Acquires WideOrbit’s Digital Audio License; Shares Rise 3%
Audio content and entertainment company Audacy, Inc. (AUD) recently announced that it has acquired an exclusive and perpetual license to access WideOrbit’s digital audio streaming technology and the related assets and operations of WideOrbit Streaming. The financial terms of the deal have not been disclosed.
WideOrbit is a cloud-based distribution and monetization platform for live and on-demand audio streams.
Following the news, shares of the company appreciated 2.9% to close at $3.53 on Wednesday.
With this buyout, Audacy will be able to better control its product portfolio and offer enhanced streaming features to its millions of customers. Post the buyout, Audacy will operate WO Streaming under the name AmperWave.
The CEO of Audacy, David Field, said, “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.” (See Audacy stock chart on TipRanks)
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The stock has a Hold consensus rating based on 1 Hold. Recently, Guggenheim analyst Currey Baker reiterated a Buy rating on the stock with a price target of $5.50 (55.8% upside potential).
Audacy scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 136.9% over the past year.
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