Entercom Q2 Profit Misses Estimates; Acquires Pineapple Street Media

(RTTNews) - Entercom Communications Corp. (ETM) reported second-quarter adjusted net income per share of $0.26 compared to $0.24, previous year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.31, for the quarter. Analysts' estimates typically exclude special items.

Second-quarter net revenues were $380.7 million, up 2.3% from a year ago. Analysts expected revenue of $386.82 million for the quarter.

Separately, Entercom announced it has acquired Pineapple Street Media, an independent producer of podcast content. The company also reached an agreement in principle to acquire Cadence13, a podcast creator and distributor. Pineapple Street Media will become Pineapple Street Studios, a unit of RADIO.COM.