Hubbard Radio, owner of three blue chip stations in Chicago, is staking a major claim in the podcast business.
The Minnesota-based company announced Monday that it has acquired a 30 percent interest in PodcastOne, the nation’s largest advertiser-supported podcast network. Among more than 200 programs on the network are shows hosted by Adam Carolla, Shaquille O’Neal, Dan Patrick, Penn Jillette, Laura Ingraham, Larry King and Dr. Drew Pinsky.
Terms were not disclosed, but sources estimated Hubbard’s investment at $10 million.
The companies will work closely on content development, cross-promotion, brand development, new technology opportunities, and local, regional and national joint marketing and advertising. The investment will also allow for rapid expansion of sales and marketing resources, according to the joint announcement by PodcastOne chairman and CEO Norm Pattiz and Hubbard Radio chair and CEO Ginny Morris.
“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,” Morris said in a statement. “It will provide additional options that expand our audience and build the value of our existing assets.”
In Chicago, Hubbard Radio owns hot adult-contemporary WTMX FM 101.9, classic hits WDRV FM 97.1 and adult contemporary WSHE FM 100.3. All three are among the top 12 stations in the market among listeners between 25 and 54.