Spends $4 million as part of alliance with AudioNet
Amid a flurry of recent investments, Premiere Radio Networks has announced plans to sink $4 million into Internet broadcast provider AudioNet.
Premiere's investment is part of a strategic alliance with AudioNet under which Premiere will provide affiliate marketing services and exclusive sales representation to AudioNet. In return, AudioNet has agreed to advertise on Premiere's affiliate stations and to include content from Premiere's World Wide Web site on its Web site.
The AudioNet investment comes on the heels of a $1.3 million deal that Premiere struck earlier this month to acquire the Philadelphia Music Works, a radio jingle company, and an $8.5 million deal, struck in August, to acquire comedy syndicator Cutler Productions. In a separate deal last week, Premiere won exclusive representation of national ad sales for the One-on-One Sports Network.
Premiere President Steve Lehman says the diverse acquisitions by Premiere will provide "new service capabilities" for affiliates. The investments are also examples of a "growth through acquisition" strategy that Premiere outlined in January, when it announced the sale of 1.4 million shares of its Class A common stock, Lehman adds. Premiere hopes to collect roughly $20 million from sale of the stock.
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